It 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.

Crypto 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.

Japanese 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.