Fortune Fails The Brave: Super Bowl Cryptocurrency-Related Companies Continue Curse – FTX Token (FTT/USD), Bitcoin (BTC/USD)

The defending Tremendous Bowl champion Los Angeles Rams are having a troublesome 2022 NFL season, however the staff is not the just one that is perhaps affected by a Tremendous Bowl hangover.

A number of notable cryptocurrency-related firms that ran adverts through the massive sport or had been concerned not directly have seen 2022 as a 12 months to overlook.

What Occurred: The 2022 Tremendous Bowl noticed an enormous inflow of cryptocurrency-related firms spending thousands and thousands on Tremendous Bowl commercials, which led to the nickname of The Crypto Bowl by some.

Amongst these firms had been Crypto.com, Coinbase International Inc COIN, BitBuy (in Canada) and FTX.

For the reason that airing of the massive sport on Comcast Company CMCSA-owned NBC, the worth of many cryptocurrencies have fallen.

Bitcoin BTC/USD is down considerably for the reason that commercials aired, together with ones encouraging folks to think about investing in cryptocurrency.

FTX declared chapter lately and noticed Tremendous Bowl business star Larry David amongst these sued for his or her function in selling the corporate.

Crypto.com has been compelled to chop jobs because of the crypto bear market. 

SoFi Applied sciences Inc SOFI didn’t air a Tremendous Bowl business however noticed its firm talked about lots across the massive sport. SoFI has the naming rights to the California NFL stadium the place Tremendous Bowl LVI was performed, which can be the house of the Rams and Los Angeles Chargers.

Associated Hyperlink: Finest FTX Options: How To Hold Your Crypto Secure 

Tremendous Bowl Curse: When it was introduced that there have been a lot of cryptocurrency firms promoting as a part of the massive sport, some in contrast it to the excessive variety of dot-com firms that aired adverts through the 2000 Tremendous Bowl.

Most of the firms, equivalent to OnMoney.com, that aired commercials through the Tremendous Bowl in 2000 are now not in existence, a possible foreshadowing to the cryptocurrency-related firms that aired adverts in 2022 and now face questionable futures with the declining costs of cryptocurrencies equivalent to Bitcoin.

Buyers who purchased Bitcoin or inventory within the crypto firms associated to Tremendous Bowl LVI are seemingly regretting the transfer and down on the post-Tremendous Bowl 12 months, very like the Rams.

Coinbase shares are down 78% for the reason that closing Friday previous to the Tremendous Bowl.

SoFi shares are down 64% for the reason that closing Friday previous to the Tremendous Bowl and hit a brand new 52-week low of $4.41 on Monday.

Bitcoin is down 62% from its excessive on Feb. 13, 2022, the date of the Tremendous Bowl, to the time of writing with a present value of $16,210.61.

The FTX Token FTT/USD is down 97% from its excessive on the day of Tremendous Bowl LVI.

Just like the dot-com commercials that aired and had been for firms forgotten, Tremendous Bowl LVI might go down in historical past for its cryptocurrency-related adverts.

What’s Subsequent: Fox Company FOXFOXA has the rights to Tremendous Bowl LVII and was commanding $6.5 million to $7 million for 30-second advert slots. No phrase on if cryptocurrency firms have already dedicated to the massive sport or might be sitting the subsequent one out, additionally seemingly just like the defending champion Rams.

Learn Subsequent: The Madden Cowl Curse: What Occurred To These 12 Gamers? 

Photograph: lassedesignen through Shutterstock