KeyTakeaways:
Coinbase will droop Fantom-PERP buying and selling on January 24, 2025. FTM token worth exhibits combined reactions, with a slight enhance amid the delisting. CFTC investigation into Coinbase provides regulatory strain on the platform.
Coinbase has introduced the suspension of buying and selling for Fantom (FTM) tokens, efficient January 24, 2025. This transfer has raised considerations about potential worth impacts. The delisting will have an effect on FTM-PERP buying and selling on Coinbase Worldwide Change and Coinbase Advance.
As a part of the suspension course of, the ultimate settlement worth for FTM might be calculated based mostly on the common index worth noticed 60 minutes earlier than the buying and selling cessation. Coinbase has confirmed that the funding fee might be set to zero, and all open positions might be robotically settled on the time of the suspension.
Regardless of the announcement, FTM has skilled a worth enhance of 6.09% during the last 24 hours, buying and selling at $0.6953. Nevertheless, the token has dropped 41.62% during the last 30 days and has skilled a 11.80% decline prior to now week. The market response to the information has been combined, with some traders speculating that the worth could dip additional within the coming weeks.
Coinbase’s determination to delist FTM amidst elevated scrutiny from the US Commodity Futures Buying and selling Fee (CFTC). The regulatory physique has reportedly subpoenaed Coinbase regarding its investigation into the Polymarket platform.
Though Coinbase has assured its clients that no speedy motion is required from them, the continuing investigation provides one other layer of uncertainty to the change’s operations.
Moreover, FTM’s market exercise is influenced by a broader transition, because the token is ready to rebrand to Sonic on January 13, 2025. This rebranding occasion features a 1:1 swap ratio, with Binance being one of many key supporters. Deposits for Sonic might be accessible beginning January 16, 2025, additional affecting investor sentiment and market dynamics.
The timing of those developments is essential, as FTM’s worth stays beneath strain amid the delisting and rebranding occasions. Because the CFTC’s investigation into Coinbase unfolds, market members will intently monitor the state of affairs for any additional developments that would affect the worth of FTM.
