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.

Coinbase is halting Synthetix (SNX) trading for users in New York, effective July 19, following a review to ensure all assets meet their listing standards. The decision will impact Coinbase.com, Coinbase Exchange, and Coinbase Prime, but trading will continue for users in supported regions.

Coinbase 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. The platform noted that they regularly monitor the assets on their exchange to maintain regulatory compliance and platform integrity.

After the announcement, SNX experienced a market reaction with a 7% decrease, 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 increased 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.

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.

Furthermore, 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.