Coinbase has announced it will suspend trading for FTM-PERP on January 24, 2025, at around 10:30 AM UTC, as announced in their X post. These restrictions will apply to Coinbase International Exchange still as Coinbase Advanced. As stated by the company the settlement price will be the average of the index price from instantly 60 minutes before the halting of the trading. Both entry and exit orders will be fully processed through running allows, and funding rates will be aligned to zero before convergence.
FTM Traders React to Upcoming Suspension
The move has led traders to question what the price of Fantom tokens will be in the future. As it is known, FTM at the moment is $0.6746 or 6.09% higher over the last day. That said, it has traded at an 11.80% loss over the last week and a 41.62% loss over the last month.
According to the market statistics, however, FTM has slightly rebounded with the addition of its market cap by 6.56% and volume by 0.35 % in the 24 hours. However, the token continues to trade with bearish pressure with a volatility rate of 22.52%.
FTM is also set to undergo a rebranding to Sonic, with a swapping ratio of 1:1. The transition is expected to happen on 13th January 2025, however, Binance has come out to express its support. Sonic deposits for the project will start within the platform on the 16th of January 2025, and trading pairs should follow shortly after.
CFTC Scrutiny Adds Pressure on Coinbase
Coinbase paused FTM in the same period when the CFTC started investigating the Polymarket case. The CFTC has said it has served a subpoena on the firm to produce the customers’ data on the platform. Coinbase has also notified its customers of its capability of sending over account details to authorities, but nothing will be done instantly.
This investigation comes at a time when are transition in leadership at the CFTC is expected. Current Chair Rostin Behnam is said to be leaving office next on January 20, 2025, as the Biden administration comes into Trump’s administration. These advancements create challenges to Coinbase’s business more so when grappling with the ever-rising regulation stringencies.
What’s Next for the Market?
Anytime a trading service like FTM-PERP becomes deactivated and regulatory agency investigations intensify, people begin to doubt what fate awaits the platform or the coin here, which is Fantom. Given its change in name to Sonic and the overall nature of the market the future of the token is still unclear. Traders are encouraged to pay particular attention to announcements made by Coinbase alongside statutory bodies.
Market participants are also paying attention to how the crypto regulatory framework moves forward in the United States or under new leadership at the CFTC or the federal government. These will possibly have an effect on the cryptocurrency market in the coming months.
