KeyTakeaways:
Coinbase will droop Fantom-PERP buying and selling on January 24, 2025. FTM token value reveals combined reactions, with a slight enhance amid the delisting. CFTC investigation into Coinbase provides regulatory stress 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 Alternate and Coinbase Advance.
As a part of the suspension course of, the ultimate settlement value for FTM will probably 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 fee will probably be set to zero, and all open positions will probably be mechanically settled on the time of the suspension.
Regardless of the announcement, FTM has skilled a value enhance of 6.09% over the past 24 hours, buying and selling at $0.6953. Nonetheless, 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 combined, with some buyers speculating that the value might dip additional within the coming weeks.
Coinbase’s resolution 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 fast motion is required from them, the continued 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 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 will probably be out there beginning January 16, 2025, additional affecting investor sentiment and market dynamics.
The timing of those developments is essential, as FTM’s value stays below stress amid the delisting and rebranding occasions. Because the CFTC’s investigation into Coinbase unfolds, market individuals will intently monitor the state of affairs for any additional developments that would affect the value of FTM.
