Is there any observable change in Earth's magnetism to an observer in geosynchronous orbit?

I am in high school, and today my physics teacher was teaching us about the Earth’s magnetism. This is the first time I’ve read about this topic, so take these questions as coming from a complete layman.

From what I understood, the magnetic field around the Earth exists because of the rotation of the Earth. The mantle consists of molten metallic ions, which, when they rotate in sync with the rotation of the Earth, form a magnetic field outside of the planet.

Also, according to my understanding, geosynchronous orbits are those in which the satellite in the said orbit always hovers above a fixed location above the Earth. Also, I know that magnetic fields are only observed when a charge is in motion with respect to an observer.

Now, for a satellite in perfect geosynchronous orbit (assuming that the ions in the mantle rotate perfectly in sync with the Earth), since the rotating ions are stationary with respect to the satellite, does the satellite experience any magnetic fields?

Even for the real case, is there some observable change?