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With the FTX crypto exchange debacle in the rearview mirror, the ghosts of the industry’s former leading exchange are still haunting the cryptocurrency market, given the exclusion of this year’s National Football League (NFL) biggest night.
Super Bowl LVI was the night for the athletic cryptography industry. With the new NFL commercials, firms like FTX, Crypto.com, Coinbase, and eToro hoisted the industry flag at Atlanta's Mercedes-Benz Stadium, Georgia.
This year, in the Super Bowl LVII, the crypto industry will have no representation in advertisements for big night football. According to several reports, the recent fiasco ftx, redundancies, and the legal review that engulfed the industry led the nfl to ban the industry from its big night.
No Crypto Bowl For The Industry This Year
Mark Evans, executive vice president of ad sales for sports network Fox Sports, told the Associated Press that there would be zero representation from the nascent industry during this day.
Evans added that in the first place, Two crypto firms were running ads for the Super Bowl, while others were allegedly involved on the occurrence yard line, all this before the bankruptcy of FTX and the public quarrel that set off a thunderstorm in the industry.
Each year, It is expected that over 100 million Americans will attend the NFL championship match to crown the winner of the season, With that, too, a lot of viewers are looking at their TVs to watch the commercials that are in between the action on the ground.
Last year's Super Bowl was referred to as the "crypto bowl" because cryptocurrency companies ran flashy advertisements. But after ftx went bankrupt and its founder was charged with a scheme to defraud investors, the industry was shut out because of the public scandal.
Crypto exchange ftx and major businesses in the crypto ecosystem purchased advertisements last year as as part of a marketing campaign aimed at promoting and presenting cryptocurrencies to over 100 million viewers, obtaining general agreement.
Crypto companies at the flagship event such as actor larry davies for ftx announcement and nba legend lebron james for cypto.com.
Coinbase advertisement featured a floating QR code, which generated so much attention that the website of the platform crashed during the Super Bowl game.
Super Bowl commercials have attracted negative attention, and the chairman of the Senate Banking Committee, Sherrow Brown, who questioned the appearance of these advertisements in the Super Bowl commercial breaks and asked why these crypto advertisements had such a large display during the Super Bowl.
“The announcements left some things aside. They didn't mention fraud, scams and stealing outright,' said Brown at a congressional hearing in February. 'The ads have not emphasized that you can lose fat in the huge price fluctuations of crypto. They haven't told you about the high fees that crypto companies are charging."
Today’s cryptocurrency market cap is $1.4 trillion, a change of 2.9% in the last 24 hours, and is still down 46% from last year. The market capitalization of Bitcoin is 449 billion dollars, which represents a 39% domination of the market.
The market capitalization of stablecoin amounts to 138 billion dollars and accounts for 12.14% of the total market capitalization of cryptocurrency.
Featured image of unsplash, trading view graph.
