Did Coinbase Just Kicked Synthetix (SNX) Out Of Its Crypto Exchange?

coinbase synthetix
coinbase synthetix

NAIROBI (CoinChapter.com) — Coinbase is hitting the brakes on Synthetix (SNX) trading for New York users—starting July 19—after a meticulous review to ensure all assets meet their stringent listing standards.

Coinbase Synthetix, Did Coinbase Just Kicked Synthetix (SNX) Out Of Its Crypto Exchange?
Source: Coinbase

Coinbase Suspends Synthetix Trading for New York Users

The decision, announced via Coinbase’s official X account, affects multiple trading platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime. However, trading will continue for users in supported regions.

The platform has shifted SNX order books to limit-only mode, allowing users to place and cancel limit orders. Matches may still occur, but no new market orders will be processed.

“We regularly monitor the assets on our exchange to ensure they meet our listing standards.” This suggests ongoing assessments and adjustments to maintain regulatory compliance and platform integrity.

Coinbase on X,

SNX Plummets 7%, Then Bounces Back

Following the announcement, SNX experienced a notable market reaction. The price of SNX fell by 7%, reaching $1.88. The market cap for SNX is approximately $616 million. Additionally, the 24-hour trading volume surged by 71% to $43.9 million, indicating heightened trading activity amid the news.

However, the price has since shown signs of recovery. At the time of writing, SNX is trading at $1.98, with a market cap of $663.96 million. The 24-hour trading volume has adjusted to $32.37 million, reflecting a decrease of 22.07% from the peak following the announcement.

Coinbase Synthetix, Did Coinbase Just Kicked Synthetix (SNX) Out Of Its Crypto Exchange?
SNX/USD 1-day price chart. Source: TradingView

The SNX/USDT 1-day price chart shows a downtrend channel since April 2024, with the price hitting a recent low near the $1.76 mark. The relative strength index (RSI) is currently at 32.54, suggesting that SNX might be in an oversold territory. The price attempts to break above the resistance level at $2.00, which could indicate a potential reversal if sustained.

Moreover, the Fibonacci extension indicates possible support at $1.76 and resistance levels at $2.38 and $2.58. Traders will closely watch these levels for potential breakouts or further declines.

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