Synthetix Is Likely to Fall Further amid Trade War Escalation
Synthetix (SNX) is trading flat at $0.601 this week, mirroring Bitcoin (BTC), which is also steady at $78,886. Both assets have recovered from Monday’s sharp sell-off, when BTC dropped by 5.3% to $74,464 and SNX plunged by 8.8% to $0.546.
The rebound was fuelled by market optimism following an emergency Federal Reserve meeting on April 7 and speculation over a potential 90-day tariff truce from U.S. President Donald Trump. Although the White House later dismissed the rumour as fake news, it still provided a short-term lift to risk assets.
However, tensions remain high. Trump has since threatened to impose an additional 50% tariff on China unless it withdraws its planned 34% reciprocal levies on U.S. goods by the end of April 8. Beijing responded with defiance, vowing to retaliate.
With no resolution in sight, the ongoing trade war could renew pressure on cryptocurrencies. For SNX, that means a potential decline toward the $0.500 support level—a 16% drop from current prices—remains firmly on the table.
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