The two altcoins have come close to shutting down their services for their users in China. Due to the regulatory policies of the Chinese government, STEPN announced in May this year that it would stop providing GPS to Chinese user accounts. Following the May 26 announcement, STEPN and associated Green Satoshi Token (GST) prices reacted with a decline. Here are the details…
China-based accounts will not be serviced on STEPN
The deadline for the STEPN administration to remove all accounts in China is set for next week, July 15. In the statement, the team said that they have not engaged in any business in mainland China since its inception. STEPN has always attached great importance to its compliance obligations. Meanwhile, the development on July 15 could have a significant impact on the price of the cryptocurrency. As we reported as Kriptokoin.com, the exit of crypto exchange Huobi from China has had a big impact on its revenues recently.
The crypto ban in China has forced Huobi to remove millions of Chinese user accounts from its platform. This is believed to have created a major dent in the stock’s revenue. The trader community is also watching the date of July 15 closely. Ahmad Manasrah, a trader, said he expects to see a drop in STEPN prices after the Chinese accounts are cleared. He expects STEPN price to drop to the $0.70 range. Trader uses the following expressions:
On July 15, GMT will clear all accounts in China. I don’t know how much impact this will have on the market. But technically, I expect prices to drop to $0.70.
Altcoin price drops after China announcement
After the announcement on May 26, STEPN price dropped drastically from $1.20 to $0.80. At the time of writing, the STEPN price is trading at $1.01, up 5 percent in the last 24 hours, according to CoinMarketCap. The STEPN market, which had a market cap of $825 million prior to the announcement, fell to $613 million, has not been able to recover recently. STEPN is a distinctive “Web3 lifestyle app” with GameFi elements on the Solana Blockchain. It combines play-to-win features with a fitness app to create a new category called “move-win”.
Users purchase NFT sneakers that they can use to earn in-game cash while walking, running or moving. STEPN aims to revolutionize the fitness apps market by encouraging millions of users to follow a healthier lifestyle. The app works with “proof-of-movement” that proves users are actually exercising. It also solves various problems like a functioning GPS system. In addition, STEPN financially encourages users and plans to introduce social rewards elements. It also successfully contributes to carbon neutrality. The app is available for Android and iOS and has gone from inception to open beta in just five months.
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