{"id":34260,"date":"2023-12-18T09:52:54","date_gmt":"2023-12-18T13:52:54","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=34260"},"modified":"2023-12-18T09:52:54","modified_gmt":"2023-12-18T13:52:54","slug":"synthetix-snx-drops-18-as-crypto-market-cools-down-details","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/18\/synthetix-snx-drops-18-as-crypto-market-cools-down-details\/","title":{"rendered":"Synthetix (SNX) Drops 18% As Crypto Market Cools Down \u2013 Details"},"content":{"rendered":"

The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko<\/a>, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin<\/a>, Ethereum<\/a>, and XRP<\/a> drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.\u00a0<\/p>\n

Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows<\/a> that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.\u00a0<\/p>\n

Big Things Coming For Synthetix<\/h2>\n

Although SNX isn\u2019t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto. <\/p>\n

Last week, Synthetix announced<\/a> on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.\u00a0<\/p>\n

Andromeda Release is the implementation of the Perps V3 which, according to their recent<\/a> blog post, is focused on enhancing trading efficiency, usability, and resilience on the network. It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more.\u00a0<\/p>\n

Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like @ethena_labs<\/a>! https:\/\/t.co\/72QmySbAfb<\/a><\/p>\n

Check out the TLDR and read the blog post to learn more.
\n\u2013 Perps V3\u2026 pic.twitter.com\/YbsFjj0Hnt<\/a><\/p>\n

\u2014 Synthetix (@synthetix_io) December 15, 2023<\/a><\/p>\n

The biggest add-on from the update is the deployment of Core V3 and Perps V3 on the Ethereum mainnet.\u00a0<\/p>\n

\u201cThe Core V3 + Perps V3 release on Ethereum Mainnet represents a significant evolution for Synthetix, targeting medium to large traders and protocols in need of perps on L1,\u201d the Synthetix team said in their blog post.\u00a0<\/p>\n\n

More Pain On The Crypto Front?<\/h2>\n

Disregarding the positive internal news for SNX, the market has other plans for the token. As of writing, the bears are coming out strong, wrestling SNX bulls on the $3.59 price level. If the bears are successful in solidifying their gains, more pain could be in store for traders and investors.\u00a0<\/p>\n

However, the upcoming implementation of Perps V3 might be able to offset this as it focuses on medium to large-scale whales to become active on the platform, thus driving more throughput to the network; but investors and traders shouldn\u2019t disregard the broader market before making a decision.\u00a0<\/p>\n

Right now, the market is entering its cool-down phase with cryptocurrencies reverting to more sustainable price levels. For SNX, that level is around the $3.287 price point. Once the bears hit this level, the bulls will be able to regain some ground, stabilizing the price on this level in preparation for a bigger breakout.<\/p>\n

Featured image from Shutterstock<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The market is currently experiencing an enormous pullback after nearly a month of continuous gains. According to Coingecko<\/a>, the broader crypto market is down nearly 3% as major cryptocurrencies like Bitcoin<\/a>, Ethereum<\/a>, and XRP<\/a> drop from year-to-date highs. As the sector cools down, altcoins are pulled downward.\u00a0<\/p>\n

Synthetix is one of the sufferers of the massive bearish pressure engulfing the market. Coingecko data shows<\/a> that the token is bleeding, with the biggest drop occurring in the weekly timeframe at over 16%.\u00a0<\/p>\n

Big Things Coming For Synthetix<\/h2>\n

Although SNX isn\u2019t faring well within the market environment, the Synthetix dev team is hot on its tracks to remain competitive within the world of crypto. <\/p>\n

Last week, Synthetix announced<\/a> on X that they are nearing the launch of the Andromeda Release on their mainnet and the Ethereum Mainnet.\u00a0<\/p>\n

Andromeda Release is the implementation of the Perps V3 which, according to their recent<\/a> blog post, is focused on enhancing trading efficiency, usability, and resilience on the network. It will also add new features like Native Cross-Margining, Expanded Collateral Options, MEV-Resistant Liquidation Process, and many more.\u00a0<\/p>\n

Synthetix Perps V3 is set to launch with the Andromeda Release on Base, soon to be followed by an Ethereum Mainnet version for medium to whale traders and protocols like @ethena_labs<\/a>! https:\/\/t.co\/72QmySbAfb<\/a><\/p>\n

Check out the TLDR and read the blog post to learn more.
\n\u2013 Perps V3\u2026 pic.twitter.com\/YbsFjj0Hnt<\/a><\/p>\n

\u2014 Synthetix (@synthetix_io) December 15, 2023<\/a><\/p>\n

The biggest add-on from the update is the deployment of Core V3 and Perps V3 on the Ethereum mainnet.\u00a0<\/p>\n

\u201cThe Core V3 + Perps V3 release on Ethereum Mainnet represents a significant evolution for Synthetix, targeting medium to large traders and protocols in need of perps on L1,\u201d the Synthetix team said in their blog post.\u00a0<\/p>\n

More Pain On The Crypto Front?<\/h2>\n

Disregarding the positive internal news for SNX, the market has other plans for the token. As of writing, the bears are coming out strong, wrestling SNX bulls on the $3.59 price level. If the bears are successful in solidifying their gains, more pain could be in store for traders and investors.\u00a0<\/p>\n

However, the upcoming implementation of Perps V3 might be able to offset this as it focuses on medium to large-scale whales to become active on the platform, thus driving more throughput to the network; but investors and traders shouldn\u2019t disregard the broader market before making a decision.\u00a0<\/p>\n

Right now, the market is entering its cool-down phase with cryptocurrencies reverting to more sustainable price levels. For SNX, that level is around the $3.287 price point. Once the bears hit this level, the bulls will be able to regain some ground, stabilizing the price on this level in preparation for a bigger breakout.<\/p>\n

Featured image from Shutterstock<\/em><\/p>\n

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