© Christian Petersen/Getty A general view of the Super Bowl LVII poster on February 6, 2023 in Phoenix, Arizona. Super Bowl LVII between the Philadelphia Eagles and the Kansas City Chiefs will take place on February 12 at State Farm Stadium in Glendale, Arizona.Many well-known cryptocurrency trading companies saw huge success after last year's Super Bowl, which included a number of cryptocurrency advertisements.
Last year's Super Bowl, a game between the Los Angeles Rams and Cincinnati Bengals, created a lot of buzz around cryptocurrency, leading many to use the term "Crypto Bowl" to refer to the game. The game contains advertisements for cryptocurrency trading companies such as CoinBase, Crypto.com, FTX, and eToro.
However, this year's Super Bowl between the Philadelphia Eagles and the Kansas City Chiefs is expected to be crypto-free, and many retailers that announced last year have been hit hard. Fox Sports executive vice president of ad sales Mark Evans told The Associated Press that cryptocurrency "didn't appear" at this year's Super Bowl.
This year's lack of buzz about cryptocurrency at the upcoming Super Bowl comes after the fall of FTX. The cryptocurrency exchange filed for bankruptcy in November, and the company's former CEO and founder, Sam Bankman-Fried, was arrested on multiple charges, including money laundering and securities fraud.
After the collapse of FTX, many well-known cryptocurrency trading companies faced financial problems.
CoinBase, a popular cryptocurrency trading app, had an ad during last year's Super Bowl that featured a QR code. Shortly after the announcement was made during the big game, CoinBase's stock price skyrocketed. Based on Google's stock price, CoinBase shares are trading between $208 and $189 after the Super Bowl. However, the current price has dropped and CoinBase shares are now trading at $57.
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Although crypto.com is not publicly traded, the company announced last month that it would lay off 20 percent of its workforce.
"Many factors influenced our decision to reduce the number of employees. While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we have had to deal with current economic challenges and unexpected industry developments,” the company said. in a blog post. “The cuts we made last July weathered the general economic downturn, but that doesn't take into account the recent decline in FTX, which has greatly undermined confidence in the industry. That's why, as we continue to focus on sound financials. management, we made a difficult but necessary decision. Make additional cuts to position the company for long-term success.”
The price of the world's most popular cryptocurrency, Bitcoin, has also fallen since last year's rally in the cryptocurrency Super Bowl. According to Coindesk, one bitcoin is now worth $21,598. By comparison, right after last year's Super Bowl, the price of Bitcoin was set at around $40,000.
Newsweek has reached out to CoinBase and crypto.com for comment.
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