As adoption continues to rise, crypto goes hard in the paint, locking down NBA sponsorships, investment powerhouse Fidelity looks to double down on crypto employees, and Cardano’s stacked summer roadmap plays a role in recent bullish price action. My name is Ben. This is your nightly crypto news wrap-up. Let’s get it! Since the Staples Center, the home of the LA Lakers, was famously renamed to the Crypto.com Arena in a 20-year $700 million contract, the relationship between basketball and crypto has only intensified.
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In a well-executed financial layup, crypto asset companies have pumped between $100-150 million in sponsorships for the NBA this season. Last year, crypto was ranked 43rd in terms of money spent on NBA advertising. This year, crypto’s ranked second, only finishing behind tech companies, were putting up $170 million for their ad spots. And people think crypto adoption isn’t happening? Come on, people! Crypto is dunking on all the shoe companies, all the banks, all the beer, everybody! They might even break the glass with this one.
Besides the fact that Weebull has a $30 million patch deal with the Nets and that FTX has a 19-year $135 million deal for the Miami Heat arena’s naming rights, what’s important here is the battle for the culture. Steph Curry set the stage last year by being one of the first celebrity icons to purchase a Bored Ape, propelling the entire Yacht Club culture out of the atmosphere. Following in his footsteps were the likes of Josh Hart, LaMelo Ball, Shaq and countless celebrities. The NBA and their players are setting the groundwork for the future of crypto by alley-ooping its appeal to their fans and the next generation of ballers.
Let’s jump in and do a little market watch here as we are taking a little bit of a tumble right now. Bitcoin coming in at $29,821 Down about 6% on the day Ethereum coming in at $1,829 Down about the same, 6% on the day Let’s go ahead and check our top losers. We’ve got HOT down 15%. AR down 15% GMT down 15% and down 25% on the week Yikes! Cardano getting a little bit of a retrace after its massive pump Down about 12% for the day Still up on the week THORChain down 12% And Solana down 12% Guys, on the morning stream today, I was mentioning that we did have that blood diamond on the 2-hour, did have the power to bring us down just a little bit. Things were looking a little bit bearish this morning. We were expecting this little move down.
So I don’t think we’ve seen the last of this relief pump. I think we could still have a big relief pump coming. There are bullish signals on the longer timeframes. But like I’ve said in the past, they could take a little bit time to play out.
Back to the news. After announcing their plans to offer a Bitcoin option in their 401(k) services in April, investment powerhouse Fidelity has gone on a shopping spree looking for more employees to add to their crypto branch. Although this branch has close to 200 workers in it already, they’re looking to double down and fill 210 more positions to focus on assets beyond Bitcoin. Maxis will hate that. Tom Jessop, Fidelity Digital’s president, told Finbold “As the demand for digital assets continues to steadily grow and the marketplace evolves, we’ll continue to expand our hiring efforts.” If this isn’t a peek behind the curtain on what a company that has close to $3 trillion under management is thinking, I don’t know what to tell you. Companies like this secure and legitimize the future of crypto.
They have deep enough pockets to deal with the regulators, and they’re willing to go to bat to provide a window of opportunity for their clients. They’ve already gone against the wishes of the Department of Labor for their Bitcoin 401(k). Now, they’re trying to get Bitcoin and metaverse ETFs approved by the SEC. Hopefully, someone in that office plays golf with dirty Gary Gensler. I heard he spends more time in the sand than David Hasselhoff. Their track record precedes them, considering they already successfully launched a spot ETF in Europe back in February. Having Fidelity as a crypto bull can only help us in the long term. Now, if you were watching the charts over Memorial Day weekend, I’m sure you noticed that Cardano ripped up from around 45¢ to 68¢ in just a few short days. It scaled down below 60¢ since then, but the move up into the right wasn’t a fluke. And if you look at their upcoming roadmap, you’ll see why. The Vasil hardfork is set for the end of June, bringing reference scripts, reference inputs and inline datums which will vastly improve their scalability, usability and throughput. Another new addition coming to the stack is the full peer-to-peer network.
According to Cardano.org, P2P will enhance the flow of communication between nodes and reduce and ultimately remove the network’s reliance on the federated nodes, which will enable full decentralization on the Cardano network. Charles and the gang aren’t stopping there. With a new DEX live on the testnet and Djed stablecoin live on its own public testnet, it’s easy to see why the ADA Gang is so bullish. Even if we’re in the middle of a bear market. Keep that long-term mindset in the forefront of your mind. We already know that ADA is capable of sitting above $3. Price right now currently sits at 60¢. With all these updates coming down the pipe, do I even have to say it?
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/VtI4QWbtp3w
