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STEPN Announces Q2 Profit and GMT Buyback-and-Burn Program

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Today’s Cryptocurrency Headline

The Move to Earn app STEPN announced the second-quarter profit and announced the launch of the GMT buyback-and-burn program. In the second quarter of 2022, STEPN generated a profit of $122.5 million through its platform fees. STEPN will leverage 5% of the profits to initiate a Q2 GMT buyback-and-burn program. In addition to the buyback-and-burn program, STEPN will allocate capital reserves to improve upon existing features and build out the team. STEPN said the buyback-and-burn process could take several weeks to complete to avoid significant price volatility.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to Glassnode, the total number of addresses ever created on the Bitcoin network has surpassed the 1 billion mark today. Bitcoin is down -2.12% over the last 24 hours and fell to an intraday low of $19,221.30. The largest cryptocurrency broke below the psychological level of $20,000, suggesting the bears are in control. The Crypto Fear and Greed Index dropped six points to 16, which shows the market is in the “extreme fear” category. For now, the sellers will attempt to sink the BTC/USDT pair to $19,000. 

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