Adoption took the front stage for crypto this year. With increased demand, value and adoption, exchanges had to step up their games and reach the community better. The Super Bowl seemed like a great start. A plethora of platforms banked on the reach of this year’s Super Bowl, and hence the world witnessed Larry David and LeBron James, among others, endorse cryptocurrency.
But what happened after that? Are crypto ads no more a thing?
Hello, bears! The onset of the bear market has undoubtedly disrupted a lot of things. Bloody portfolios and gruesome layoffs are the themes for this year’s bear market. Along with this, exchanges seemed to be cutting all additional costs by curbing their need to market themselves. According to a recent report, ad spending has plummeted by 90 percent since November.
The community was indeed surprised by this massive drop in crypto marketing. Over the last few days, leading exchanges like Coinbase, ByBit, and several others have reduced their workforce. This cost-efficient side of the exchanges had reached their marketing doors as well.
Are celebrities avoiding the bloody crypto market?
Regulations and scrutiny are exceptionally high around the crypto market. The latest dramatic downfall of Terra further urged lawmakers to keep a stringent eye on the market. Potential losses would likely put these celebrities under fire for endorsing digital assets. Therefore, speculations were that they were trying to avoid the market around this time.
The fact that Elon Musk got sued for endorsing Dogecoin [DOGE] is a prominent example of the same. While high-profile endorsements can sometimes impact the price of cryptocurrencies, it solely doesn’t depend on it.
Move over celebrities, crypto exchanges themselves are speculated to be avoiding any possible heat from regulators in case of a crash. The Terra crash has been a lesson enough for the entire market.
While the infamous crash of Terra occurred a while ago, regulators, especially from South Korea, have been keenly probing it. During the probe, an array of exchanges underwent scrutiny. In addition, Binance’s US wing was slapped with a lawsuit for merely listing Terra’s UST and LUNA.
During times like this, it is improbable that crypto platforms would pour money into marketing. The community even speculates that marketing would take a backseat as long as the bears were in the market.