Will the price fall further?

Coinbase announced that it would suspend FTM-PERP trading on January 24, 2025, at approximately 10:30 AM UTC, As announced in X Post. These restrictions will apply to the Coinbase International Exchange, which is still called Coinbase Advanced. As the company stated, the settlement price will be the immediate average price of the index 60 minutes before trading stops. Entry and exit orders will be fully processed through permitting, and funding rates will be aligned to zero before convergence.

FTM traders react to the upcoming suspension

The move has led traders to question the price of Fantom tokens in the future. As is known, The price of FTM at the moment is $0.6746 Or 6.09% higher over the past day. However, it traded with a loss of 11.80% over the past week and a loss of 41.62% over the past month.

However, according to market statistics, FTM rebounded slightly with its market value adding 6.56% and volume adding 0.35% within 24 hours. However, the token continues to trade with downward pressure with a volatility of 22.52%.

FTM is also set to undergo a rebranding to Sonic, with a swap ratio of 1:1. The move is expected to take place on January 13, 2025. Binance has come out to express its support. Voice deposits for the project will begin within the platform on January 16, 2025, with trading pairs supposed to follow shortly after.

CFTC audit adds pressure to Coinbase

Coinbase temporarily suspended FTM around the same period that the CFTC began investigating the matter Polymarket case. The CFTC said it had served a subpoena on the company for producing customer data on the platform. Coinbase has also notified its customers of its ability to send account details to the authorities, but nothing will be done immediately.

This investigation comes at a time when a leadership transition is expected at the Commodity Futures Trading Commission (CFTC). present President Rustin Behnam is said to be leaving His next position is on January 20, 2025, with the Biden administration joining the Trump administration. These developments create greater challenges for Coinbase’s business when facing ever-increasing regulatory restrictions.

What’s next for the market?

Anytime a trading service like FTM-PERP is deactivated and the regulatory agency’s investigations intensify, people begin to doubt what fate awaits the platform or currency here, which is Fantom. Due to its name being changed to Sonic Given the general nature of the market, the future of the token remains unclear. Traders are encouraged to pay special attention to announcements made by Coinbase along with legal bodies.

Market participants are also interested in how the regulatory framework for cryptocurrencies will move forward in the US or under new leadership at the CFTC or the federal government. This will likely have an impact on the cryptocurrency market in the coming months.