Full disclosure: I am long SNX with a current holding of 3,035 tokens held on the Celsius Network. I am currently grandfathered in and still earning 14.05% APY despite the recent SEC ruling inhibiting non-accredited US investors (like me) from earning interest. Damn big government bureaucracies. Here's a recap on SNX price action since yesterday's chart as well as SNX news release on recent upgrades and additions.
Price-Action: The last two days of price action have been tough on SNX, but it still remains above its 20-day MA (moving average), meaning we are still within the overall recent bullish trend. If SNX falls significantly further from here, then the 20-day MA becomes another level of resistance on the way back up. Let's hope that doesn't happen. Hopefully, with the recent changes/additions to the Synthetix Network, a rebound will occur sooner rather than later.
From the E-News Release:
As part of the "Nunki Release...eight new perpetual futures markets were launched onto Synthetix Futures. Not only were Crypto markets added, but commodities such as Gold and Silver were also added. Synthetix is excited to be the first on-chain futures platform to support these exotic markets. The new markets are as follows: SOL, AVAX, MATIC, AAVE, UNI, EUR, GOLD, SILVER." "SOL, AVAX, MATIC, UNI, and AAVE markets will join a growing list of supported cryptocurrencies available for leverage trading through Synthetix Perpetual Futures. These assets have been available for spot trading for a few months now, and Synthetix is excited to allow traders access to leveraged perpetual futures in these markets." "GOLD, SILVER, and EUR will be the first supported commodities and forex markets available for leverage trading through Synthetix Perpetual Futures. There is nowhere else in DeFi where you can trade Gold and Silver futures fully on-chain. Synthetix is the first on-chain protocol to support these exotic markets." "An automated keeper was developed to automatically open and close GOLD, SILVER, and EUR markets when real-world markets open and close. Due to this development, there will be no manual intervention needed from engineers to open and close these markets."
To read further details visit their blog (sythetix dot blog dot io) or visit their Kwenta platform to check it out live.
Closing thoughts: To me, these are tremendous strides forward and takes SNX to another level. The token is scarce, the platform requires its utility, further enhancing value. And the project is beginning to blossom into full maturity. I know I am biased, but I will say it again... I predict new ATH (all-time highs) by 2023... beyond $30, perhaps $50 to $100 range. My free predictions are always worth every penny. --Garry
love this, the BIS wants to keep their arbitrage game hidden slow rolling the current bottlenecked gold reserves game and is playing coy with basel 3. I think they're the reason the Xrp game is getting throttled as I speculate they'd like to control how institutions can access gold in order to push a false flag narrative for public desire for whatever exclusive centralized offering is, putting further pressure on defi. things are looking up for cross border metals backed transactions on chain, the endgame driving the usury perps out of the shadows and relinquishing their control and manipulation of precious metals and prevention of a reverse 1970s decoupling of reserve currency that allowed them to stack their worldwide fiat loans and pension thefts into gold. perhaps I missed a step, one would assume they'd like gold to fly once they've assumed majority stake in reserves. anyways, me likey diversity and options, they're really messing up the game in the us for leverage trading.
tg-l
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@Barter_Simpson, As you are well aware, true diversity goes beyond selecting different sectors within the stock market or even the traditional 60/40 Stocks/Bonds mix. Real assets, commodities, precious metals, cryptos and yes, even stock and bonds if you like. And diversifying outside of home country bias would be even better, although I'm not (all my crap is subject to US gov influence).
Intraday_Latte
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@tg-l indeed. I'm such a late bloomer in that regard but it's all fascinating, following the fundamental boilerplate to a tee is like playing house odds in a debt based system. All this creativity is rad.