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Coinbase has revealed its decision to suspend Fantom (FTM) trading, effective January 24, 2025. This move has triggered concerns among traders regarding FTM’s price trajectory, especially in light of the exchange’s ongoing scrutiny by the U.S. Commodity Futures Trading Commission (CFTC).
Coinbase to Cease Fantom Trading
Coinbase, in a recent post on X, announced the suspension of FTM-PERP trading on its International Exchange and Advanced platforms. The suspension will begin at 10:30 AM UTC on January 24, 2025. The final settlement price for FTM-PERP will be determined using the average index price from the hour preceding the suspension, and funding rates will be set to zero for the final funding period.
Open positions will be automatically settled at the time of suspension, marking the end of Fantom trading on Coinbase.
What Lies Ahead for FTM Price?
FTM’s price currently stands at $0.6953, reflecting a 6.09% gain in the last 24 hours. However, the token has experienced a sharp decline of 11.80% over the past week and 41.62% in the last 30 days. Despite this, the market cap and 24-hour trading volume have shown slight recoveries, with increases of 6.56% and 0.35%, respectively.
Adding to the uncertainty, Fantom is set to rebrand as Sonic on January 13, 2025, with a 1:1 token swap. Binance will support the transition by enabling Sonic deposits and trading pairs starting January 16, 2025. This rebranding could impact FTM’s market dynamics in the short term.
Coinbase Under CFTC Scrutiny
The suspension of FTM trading coincides with the U.S. CFTC issuing a subpoena to Coinbase as part of its Polymarket investigation. The subpoena seeks customer data from Coinbase, though the company has assured users that no immediate action is required on their part.
Meanwhile, the crypto landscape is undergoing significant shifts. With Donald Trump set to assume the U.S. presidency and current CFTC Chair Rostin Behnam stepping down on January 20, 2025, regulatory changes may impact market sentiment.
FTM traders now face a pivotal period of uncertainty, with both Coinbase’s decision and broader market developments likely to shape the token’s future.
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