![]() swan economic event or another lockdown that tips the economy into freefall. “This could be a seismic moment for the sports sponsorship industry,” GlobalData analyst Conrad Wiacek, said in a Wednesday note, projecting “further turbulence” after crypto spent more than $3 billion in sports sponsorship since early 2021. BITCOIN CRASH Bitcoin crashes over reports of Binance laying off 1,000 employees Hong Kong launches retail-friendly rules for crypto exchanges Crypto rues. You could even do the same thing with crypto and they would be lost without. Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and discover hot new. That would represent a more than 70 drop to Monday. Where does this onewhich may not be over despite a 4. From January 20-22, when the bottom started falling out, BTC went from 43,300 to roughly 34,650a 20 drop in under 48 hours. Bitcoin crashes below 16K, crypto in freefall as Binance-FTX deal fails. ![]() What To Watch ForįTX has spent millions on advertising, largely focused on sports-related advertising to reach its primarily young male target market, becoming the named sponsor of the NBA’s Miami Heat’s arena and striking deals with star athletes like Tom Brady and Stephen Curry. Bitcoin, ethereum and other cryptocurrency prices have crashed as the crisis in Ukraine rattles global investors. Bitcoin could drop further and fall to 8,000 from its current levels, Guggenheim Chief Investment Officer Scott Minerd predicted Monday. Bitcoin has fallen 16.5 in just a week, while Ethereum is posting a 23 loss and Solana is down 33. FTX’s collapse apparently came out of nowhere even to Bankman-Fried, who refused to rule out an FTX acquisition of Binance at last week’s Forbes Iconoclast Summit. Bankman-Fried needing rescue was a major role reversal for the low-key 30-year-old crypto baron, previously offering hundreds of millions in revolving credit to ailing crypto lenders BlockFi and Voyager Digital. Bankman-Fried was worth as much as $26.5 billion, according to our estimates earlier this year, and built his Bahamas-based exchange to a $32 billion valuation in January.
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