This year, Super Bowl advertisements failed to entice new cryptocurrency investors. The advertisements promoted cryptocurrency trading as “the next big thing.” According to the research, trading has been sluggish due to issues such as the Ukraine war and rising interest rates. Volumes are low due to a “significant level of uncertainty in the markets.”
This year’s Super Bowl advertisements failed to entice new cryptocurrency investors
According to the Financial Times, this year’s Super Bowl, which included a flood of cryptocurrency advertisements, did not generate the desired results. Crypto companies spent millions of dollars on star-studded advertisements pushing crypto trading as the “next big thing.”
Various star-studded advertising promoting crypto trading as the “next big thing” cost crypto companies hundreds of millions of dollars.
However, according to the research, this may not remain the case two months later, with buying and selling in crypto markets sluggish due to a number of issues that have dampened buyers’ spirits, such as the Ukraine conflict and rising interest rates.
“We didn’t see an enormous inflow of retail buyers into crypto after the Super Bowl adverts,” stated Noelle Acheson, head of market insights at Genesis Trading. “Volumes are low due to an enormous quantity of uncertainty within the markets.”
According to the paper, quantifying crypto activity is difficult due to the vast number of trading platforms around the world that are subject to varied degrees of regulatory oversight. In addition, the data has proven to be untrustworthy.
According to the data, trading activity has decreased significantly, with The Block Legitimate Index predicting that monthly spot crypto volumes have remained below $1 trillion this year. This is a letdown after the results were higher nine months out of twelve in 2021.
Despite a dip in-app store downloads for those apps the previous week, Coinbase, FTX, and Crypto.com were among the platforms included in the promotion, which aired during the Super Bowl.
Coinbase claimed to be placed second on Apple’s list of top free apps, albeit no one could agree on what that meant.
The Coinbase advertisement lasted one minute and featured a blank screen with a moving QR code that would lead to more information and a $15 bitcoin giveaway for new users.
If you find this article informative then do not forget to share it with your friends and family! Let us know what do you think of the topic in the comment section below.
Also read: Internal crypto documents of EU leaked: Policymakers prefer ETH over BTC
