KeyTakeaways:
Coinbase will droop Fantom-PERP buying and selling on January 24, 2025. FTM token value reveals blended reactions, with a slight improve 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 issues about potential value 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 value for FTM can be calculated based mostly on the typical index value noticed 60 minutes earlier than the buying and selling cessation. Coinbase has confirmed that the funding price can be set to zero, and all open positions can be robotically settled on the time of the suspension.
Regardless of the announcement, FTM has skilled a value improve of 6.09% over the past 24 hours, buying and selling at $0.6953. Nevertheless, the token has dropped 41.62% over the past 30 days and has skilled a 11.80% decline up to now week. The market response to the information has been blended, with some traders speculating that the value could dip additional within the coming weeks.
Coinbase’s choice 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 prospects that no quick motion is required from them, the continuing investigation provides one other layer of uncertainty to the alternate’s operations.
Moreover, FTM’s market exercise is influenced by a broader transition, because the token is about 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 can be accessible beginning January 16, 2025, additional affecting investor sentiment and market dynamics.
The timing of those developments is essential, as FTM’s value stays underneath strain amid the delisting and rebranding occasions. Because the CFTC’s investigation into Coinbase unfolds, market contributors will carefully monitor the state of affairs for any additional developments that might affect the value of FTM.
