How Much Bitcoin Prices Have Declined Since Super Bowl Crypto Ads
A year ago, the crypto industry was in a much better place. Bitcoin traded above $42,000, and crypto exchanges sped up during the Super Bowl with ads naming the event the “crypto bowl.”
But if Coinbase’s memorable floating QR code ad prompted you to buy cryptocurrency or Coinbase stock after the match, your investment has likely lost significant value.
A broad crypto crash began around April 2022, and even after some regression to the start this year, bitcoin and ether are still down massively since last year’s Super Bowl when the Rams took the title over the Bengals.
That’s part of the reason you won’t see any national ads from crypto companies during this year’s matchup between the Chiefs and Eagles, a Fox executive told Sports Business Journaland notes that several crypto ad deals for the game fell through after the collapse of FTX in November.
That included a 60-second spot that FTX had booked, which would have made Sam Bankman-Fried’s now-bankrupt company a repeat advertiser after they featured Larry David in a 2022 ad.
Crypto’s Fall Since Last Year’s Super Bowl Ads
Bitcoin and Ether prices are both down nearly 50% from year-ago levels going into the Super Bowl.
- The price of bitcoin is around $23,000, down 48% in the past year. However, the latest trend has been positive. Bitcoin is up 38% so far this year. (Remember that bitcoin fell more than 75% in November 2022 from its record high a year earlier, when the price reached $68,790.)
- The price of ether, the native token of the Ethereum blockchain network, is about $1,650, down 47% from a year ago. The coin has also had a strong start to 2023 and is up 35%.
- Coinbase, the largest crypto exchange in the United States, will not advertise during the 2023 Super Bowl, which is not really surprising given that the company has laid off thousands of employees since the summer. Coinbase stock is up so far in 2023, roughly doubling year-to-date, but its share price is still down 65% from a year ago.
The bottom line
The “crypto bowl” of 2022 was followed by a terrible stretch for major tokens and exchanges. Crypto has been rallying recently, but the lack of ads during this game on Sunday will be a reminder of how much the industry has fallen.
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