KeyTakeaways:
Coinbase will droop Fantom-PERP buying and selling on January 24, 2025. FTM token value exhibits 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 considerations about potential value impacts. The delisting will have an effect on FTM-PERP buying and selling on Coinbase Worldwide Trade and Coinbase Advance.
As a part of the suspension course of, the ultimate settlement value for FTM shall 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 charge shall be set to zero, and all open positions shall be mechanically settled on the time of the suspension.
Regardless of the announcement, FTM has skilled a value 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 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 clients that no instant motion is required from them, the continued 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 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 shall 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 members will intently monitor the scenario for any additional developments that would affect the worth of FTM.
