Crypto SWOT: Crypto Companies Have Committed Millions to Sports Marketing


  • Among the cryptocurrencies tracked by CoinMarketCap, the best performer of the week was Flow, up 47.93%.
  • Cryptocurrency companies have committed more than $2.4 billion to sports marketing in the past 18 months, according to data compiled by Bloomberg. Binance Holdings has signed deals with soccer icon Cristiano Ronaldo and the Africa Cup of Nations (AFCON) tournament, while Coinbase Global has signed deals with the NBA and star Kevin Durant. FTX in the Bahamas has deals with Major League Baseball and franchises ranging from the NBA’s Miami Heat to esports, Bloomberg writes.
  • Bitcoin rose as global stocks approached a two-month high and ahead of the US payrolls report. Bitcoin climbed as much as 4% to hit $23,422 on Friday, remaining in the roughly $19,000-$25,000 range it has held since mid-June.


  • Among the cryptocurrencies tracked by CoinMarketCap, the worst performer of the week was Qtum, down 15.93%.
  • Doubters betting against MicroStrategy’s Bitcoin strategy are piling on positions that the company’s latest rally will extinguish. A record 51% of MicroStrategy’s available shares are currently sold short, carrying a notional value of $1.35 billion, according to an article published by Bloomberg. Separately, CEO Michael Saylor announced this week that he is stepping down as CEO of MicroStrategy to focus solely on the role of executive chairman. The company’s chairman, Phong Le, will succeed Saylor.
  • Hedge fund billionaire Steve Cohen has exited his investment in cryptocurrency trading startup Radkl. The quantitative crypto trading firm, which was founded last year, has already lost at least two chief executives in 2022, writes Bloomberg.


  • Luxury fashion brand Gucci is now accepting ApeCoin payments via Bitpay at select stores in the United States. ApeCoin is the cryptocurrency affiliated with the Bored Ape Yacht Club, an NFT created by Yuga Labs. Gucci will become the first merchant to accept ApeCoin through Bitpay, a payment service provider that has been in business since 2011, writes Bloomberg.
  • Options market betting suggests that speculators see $25,000 as the high for Bitcoin and $20,000 as the low. This is due to the high number of open buy and sell contracts at these strike prices, according to data compiled by CoinGlass.

  • Crypto platform Voyager Digital LLC, which filed for bankruptcy protection last month, said it plans to resume user access to the app for cash withdrawals next week. The withdrawal is expected to begin on August 11 for dollar holdings only, according to an article published by Bloomberg.


  • The SEC this week indicted 11 people for their role in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme. The program has raised more than $300 million from retail investors worldwide, including in the United States, according to the announcement on the SEC’s website.
  • Nomad, a bridge protocol for transferring crypto tokens across different blockchains, lost nearly $200 million in a security exploit on Monday. The software system was drained of its funds over hours and in small batches by various accounts, according to blockchain data. The attack makes Nomad the latest bridge to suffer an exploit this year, writes Bloomberg.
  • Hackers targeted the Solana ecosystem early Wednesday, with thousands of wallets affected, in the latest blow to the cryptocurrency market. So far, $5.2 million worth of crypto assets have been stolen, from more than 7,900 Solana wallets, according to blockchain forensics firm Elliptic, writes Bloomberg.

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