cryptocurrency
Crypto sponsorships with Premier League reach record high amidst gambling sponsor ban
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6 hours agoon
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adminCrypto companies shelled out a record total of nearly $170 million on sponsorship deals with Premier League clubs for the 2024/2025 season based on data from SportsQuake.
According to an Oct. 7 Bloomberg report, sponsorships from crypto firms have come flooding into the pockets of Premiere League clubs.
As the League prepares to adjust to tightening regulations on gambling sponsorship, crypto firms have seized the opportunity by partnering up with football leagues for the first time.
Data from sports sponsorship agency SportQuake revealed that the sponsorship value coming from crypto firms have risen almost 30% compared to last year’s sponsorships.
CEO of SportQuake, Matt House, remarked that clubs have gotten more confident in making deals with crypto firms compared to last year when rules around cryptoasset marketing were tightened.
Meanwhile, crypto firms have grown much more “comfortable about what they can do”.
“We’re just going to use the Premier League to drive a brand message, we’re not actually pushing direct sales messages,” said House to Bloomberg.
One of the most notable partnerships between a crypto firm and a football club occurred in July 2024, when Kraken announced a partnership with Spanish football club Atlético de Madrid, making the crypto exchange become the official crypto and Web3 partner of the Madrid-based club.
As part of the deal, Kraken’s logo will be featured as Atletico’s official sleeve partner for both the men’s and women’s teams for the upcoming season.
Another crypto exchange, OKX, secured a deal last year to sponsor Manchester City, the Premier League’s reigning champions. While cryptocurrency ecosystem Floki has announced that it will sponsor Nottingham Forest.
In August, Crypto.com announced that it will sponsor Union of European Football Associations’ Champions League.
Crypto sponsorships changing the terms of football partnerships
Although more football clubs have embraced crypto sponsorships, contracts reveal that they still proceed with an air of caution.
According to lawyers at Charles Russell Speechlys to Bloomberg, companies that relatively new to the football scene — such as crypto firms — are required to shell out money up front.
Not only that, contracts may even include a boilerplate clause in case of reputational harm, which allows clubs to sever ties with a company if they deem there is a significant risk.
As a protective measure, rights holders can ask for a letter of credit, or a guarantee from a bank or parent company before securing a deal.
Although crypto firms are on the rise when it comes to football sponsorships, some clubs are still adamant in maintaining their sponsors from the gambling industry.
Bournemouth, Crystal Palace and Aston Villa are among the football clubs that have signed new sponsorship deals with betting companies this year despite the upcoming ban.
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cryptocurrency
Moo Deng, Neiro, SPX6900 surge as fear and greed index hits 42
Published
3 hours agoon
October 7, 2024By
adminIt was a sea of green in the cryptocurrency industry as Bitcoin rose for two consecutive days, and the fear and greed index exited the fear zone.
Moo Deng, Neiro, SPX6900 led the crypto comeback
Meme coins were some of the best-performing assets. Moo Deng (MOODENG), the new hippo-themed token, doubled, with its market cap rising to over $35 million.
Neiro (NEIRO), another popular meme coin, jumped by 51.6% and reached an all-time high of $0.0015. Its market cap rose to over $621 million, making it more valuable than many well-known U.S. public companies like Beyond Meat, GoPro, and Spirit Airlines.
The SPX6900 (SPX), which aims to be a better version of the S&P 500 index, rose by 46%, continuing the gains made last week. It has increased by over 46% in the last 24 hours, giving it a market cap of over $373 million.
This price action happened as investors embraced a risk-on sentiment after last week’s strong US nonfarm payrolls data and as China unveiled more stimulus. As a result, global stocks also bounced back, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng rising by over 2%.
Crypto fear and greed index rises
Meanwhile, the crypto fear and greed index exited the fear region, rising to a weekly high of 42. In most cases, cryptocurrencies perform well when investors are no longer fearful.
The rebound also followed some positive news in the crypto industry. Metaplanet, a Japanese company, has continued to accumulate accumulate Bitcoins (BTC) as it seeks to replicate MicroStrategy’s success. MicroStrategy, which has accumulated over 252,000 coins worth $15.8 billion, has a market cap of over $33 billion, giving it a high premium.
Additional data showed that the number of Bitcoin addresses holding over $1 million in Bitcoin has continued to rise. This is a sign of significant demand for the coin despite its recent performance.
Donald Trump is also a factor in the ongoing comeback after he held a campaign rally with Elon Musk. Polymarket data shows that he has increased his lead against Kamala Harris, currently modeling a 51% chance of winning the upcoming presidential election.
Trump is seen as a better candidate for the crypto industry because he has vowed to appoint crypto-friendly officials. He is also a key participant in the industry through his World Liberty Financial project. Data from Arkham shows that he holds cryptocurrencies worth over $6.5 million.
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Bitcoin
Japan’s Metaplanet adds another $6.7m to their BTC reserves
Published
9 hours agoon
October 7, 2024By
adminJapanese budget hotel operator turned investment firm, Metaplanet, purchased $6.7 million worth of Bitcoin. This brings their total Bitcoin reserves to 639.50 BTC.
In a statement released on Oct. 7, Metaplanet announced that it has bought an additional ¥1 billion worth of Bitcoin(BTC) or equal to 108.786 BTC. This is the second time this month that the firm has purchased ¥1 billion worth of Bitcoin for their cryptocurrency reserves.
After their recent BTC purchase, the Tokyo-based firm now holds 639.50 BTC in their reserves, valued at approximately $40.54 million at current market prices.
According to data from Google Finance, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase.
On Oct. 1, the firm made a similar purchase of ¥1 billion worth of Bitcoin, bringing Metaplanet’s reserves above 500 BTC for the first time in their cryptocurrency trading activities.
Not only that, Metaplanet announced in an Oct. 3 notice that it had made a Bitcoin put options transactions deal with Singaporean digital asset trading firm QCP Capital.
As part of the deal, the Japanese firm sold 223 contracts worth $62,000 put options which expires on Dec. 27, 2024 to the Singaporean firm. The sale made Metaplanet a profit of 23.97 BTC in option premium.
Metaplanet announced earlier this year that it planned to start buying Bitcoin as a way to sustain against economic pressures in Japan. In May 2024, the country had been facing high government debt levels, prolonged periods of negative real interest rates, and a weaking currency.
Metaplanet is not the only Japanese firm that has leaned into cryptocurrency to sustain its profits. According to a June survey by Nomura and Laser Digital, over 500 investment managers in Japan considered investing in crypto.
The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.
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cryptocurrency
Top cryptocurrencies to watch this week
Published
21 hours agoon
October 6, 2024By
adminThe global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.
While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.
Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:
HMSTR collapses 18%
Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.
Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.
For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day.
Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains.
As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.
Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.
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