The crypto market is still facing various uncertainties. For example, while the crypto companies spent millions on the Super Bowl advertisements this Sunday, the price of Bitcoin still failed to mark the price rise. The annual face-off that attracts millions of viewers was one event that developed quite a great hope, but the results on Monday indicated no rise in the top cryptocurrency, Bitcoin.
Bitcoin during Super Bowl
According to CoinDesk data, Bitcoin BTCUSD, +3.19%, was recently trading at around $42,186, down 0.2% in the last 24 hours and about 39% below its all-time high of $68,991 in November.
Various crypto enthusiasts thought that using the Super Bowl to advertise the crypto could push the currencies and make them more profitable and worthwhile. But on the contrary, no such movement was noticed in the prices.
Crypto companies that participated
Companies like FTX, Crypto.com, Coinbase COIN, Bitbuy, and stock and crypto trading platform eToro sponsored crypto-related ads during the Super Bowl. As per the report of NBC, some of the ads were sold for $7 million for just 30 seconds this year.
While it did not meet expectations, some positive insights were made by the analysts and experts on the matter. According to Farrokhina (Professor at Columbia Business School), these commercials helped raise awareness, which is amazing.
According to Sporting News, Coinbase spent nearly $14 million on this commercial. The commercial sparked so much interest that it caused Coinbase’s app to crash. But Coinbase’s stock dropped 1.7% to $191.26 before the market opened.
Current crypto and stock market
Super Bowl was considered one game that could help boost the financial market. But the Monday highlights suggested a different direction. The Bitcoin support is currently at $37.4k, which is a level that it might retest.
Investors were concerned about rising tensions between Russia and the United States over Ukraine and inflation, and the Federal Reserve’s tighten monetary policy. As a result, the DJIA closed lower on Monday, with the S&P 500 index SPX down for the third session in a row.
