The Synthetix SNX coin failed to maintain its upward rally, losing some traction and declining around the $2.85 level. Most coin and token prices rose, indicating that the cryptocurrency market had a net positive week. Following the recent rallies in top cryptocurrencies and tokens, the market cap has surpassed $1 trillion. As a result, the value of the Synthetix ecosystem’s native token, SNX, has dropped by more than 15% after surging more than 30% in the last week.
Fundamentals Impacting Synthetix SNX Price
During the last week, SNX gains could be attributed to Synthetix’s announcement that it has renewed its partnership with Jump Crypto. The gains, however, were unable to materialize this week as the Federal Reserve prepares to raise key interest rates to combat inflation.
The ongoing bearishness of BTC prices demonstrates this. As the new week begins, Bitcoin (BTC) is sending mixed signals ahead of another important monetary policy decision in the United States. However, falling BTC prices have a negative impact on all other crypto coins, including the Synthetix SNX coin.
Synthetix is trading at $2.84 with a 24-hour trading volume of $85 million. In the last 24 hours, SNX has dropped 8.83%.
Synthetix Partnership with Jump Crypto
The previous week’s gains in Synthetix prices were primarily driven by reports that Synthetix had renewed its partnership with Jump Crypto. According to the Synthetix team, Jump Crypto’s expertise in data-driven trading and liquidity provisioning will help it achieve its goal. Synthetix goal is to become the foundation for on-chain derivatives liquidity.
Jump Crypto and Synthetix DAO are excited to announce their expanded partnership, according to the keywords. Synthetix prices have risen as a result of this news.
Bearish Crypto Market – FOMC Meet Approaches
Despite the previous week’s positive performance, the cryptocurrency market could not maintain it this week and lost its positive momentum ahead of another significant United States monetary policy announcement.
The cryptocurrency market as a whole had a successful previous week. Following the recent rallies in top cryptocurrencies and tokens, the market cap has surpassed the $1 trillion mark. However, the most recent bearish wave in the crypto market put pressure on all crypto coins. This can be seen after Bitcoin, the world’s largest crypto coin, began to fall again. Bitcoin is declining and is still in danger of falling below $21,800.
As we all know, the Federal Reserve raising interest rates is the most important news of the week. However, the Federal Open Markets Committee (FOMC) will decide how far interest rates will rise on July 26-27. This is expected to be either 75 or 100 basis points. The interest rate decision is scheduled for July 27 at 2:00 PM EST, which could lead to increased volatility in risky markets.
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