Trump Crypto Silence Drags Altcoins Down
Synthetix (SNX) is down 1.95% this week, trading at $1.652, despite Bitcoin (BTC) holding steady at $103,680 after reaching a new all-time high of $109,974 earlier in the week. SNX hit a low of $1.533 on Monday, its weakest level since 16 November 2024, before recovering slightly.
The decline in SNX can be attributed to two key factors. First, the launch of $Trump and $MELANIA altcoins has likely diverted market liquidity, drawing attention and funds away from existing cryptocurrencies. Second, there has been disappointment surrounding Donald Trump’s initial stance on cryptocurrencies during his first day as U.S. President, with no immediate focus on pro-crypto policies or initiatives.
Without renewed interest or support from the broader market or the new administration, SNX and other altcoins could face continued downward pressure. Prices may stabilise or recover only once crypto assets regain his focus.
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