The primary reason for the recent decline in the GMT cryptocurrency is the announcement by Stepn that it will cease its operations in China starting mid-July 2024. This decision was made to comply with local regulatory requirements in China. As a result, users in China will no longer be able to earn digital currency through the app without GPS support, which has raised significant concerns about the currency's future in this large market.
Additionally, the cryptocurrency has been under significant selling pressure in the market. It experienced substantial volatility recently, with its value fluctuating due to continued selling and trading activities. The market's reaction to these factors has contributed to the overall decline in the value of GMT.$GMT