Coinbase has declared it’s halting trading for Fantom on both its platforms, which has sparked talk about potential drops in FTM price later on. Notably, this move coincides with ongoing examination by the Commodity Futures Trading Commission (CFTC) of the platform within the context of the Polymarket investigation.
Coinbase to Suspend Fantom Trading
In a recent post, Coinbase has revealed that it will halt Fantom-PERP trading starting January 24, 2025, approximately at 10:30 AM UTC. This decision affects both Coinbase International Exchange and Coinbase Pro, with a predetermined method to determine the final price for all trades before termination.
Coinbase explains that they’ll determine the final price by averaging out the index price over the last hour before trading halts. Moreover, they mentioned that the funding rate will be adjusted to zero during this final settlement period. Any remaining open positions will then be automatically closed at the time of suspension.
What’s Next for FTM Price?
The recent advancement has sparked concern among Fantom Token Market Makers about the token’s potential upcoming prices. As of now, FTM is being transacted at approximately $0.6953, marking a 6.09% increase over the past day. Yet, in the last week, the FTM price has dropped by 11.80%, and over the past month, it has fallen by a significant 41.62%.
It appears that Fantom (FTM) prices are bouncing back from their recent declines, as suggested by the increase in market capitalization and trading volume. Specifically, the market cap has climbed by 6.56%, followed by a 0.35% rise in 24-hour trading volume. However, Fantom is still showing bearish trends with a volatility level of around 22.52%.
Over the coming days, FTM is planning a transformation into a new identity known as Sonic. This change will involve a one-to-one swap ratio. Tentatively set for January 13, 2025, Binance is among the platforms supporting this transition. Deposits for Sonic are expected to open on January 16, 2025, and trading pairs should become available around 8:00 UTC on the same day.
Coinbase’s CFTC Scrutiny
The halt in FTM trading and predictions for FTM’s price occur simultaneously with the US Commodity Futures Trading Commission (CFTC) serving a subpoena to Coinbase. This action is connected to an ongoing investigation by Polymarket, and the CFTC is requesting customer information from the cryptocurrency platform. In response, Coinbase has notified its customers that they may need to disclose account-related data to authorities; however, no immediate actions are necessary on the customers’ part at this time.
Keep an eye out for the developments in the Polymarket investigation and CFTC’s examination of Coinbase, as these events unfold could prove intriguing. With Joe Biden set to leave the Presidential office soon, Donald Trump is expected to assume his role. Furthermore, the speculation surrounding Rostin Behnam, the current Chair of the CFTC, stepping down on January 20 has sparked investor optimism as well.
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2025-01-10 16:27