Crypto is crashing, let’s not beat around the bush. Recent stories about FTX and now Crypto.com has brought an enormous amount of FUD into the crypto narrative.
FTX, previously the second-largest Centralised Exchange in crypto, has collapsed. It came to light that the exchange was completely insolvent. There is a huge amount of fake news circulating around this topic at the moment and it is hard to pinpoint the exact measurement and degree of insolvency. However, the demise of FtX has sent reverberations throughout the industry, and every shred of bearish news is amplified by the industry-wide FUD.
Crypto.com sends $400 million in ETH to the wrong address
The latest news over the weekend came from Crypto.com. The exchange ‘accidentally’ sent $400 million worth of Ethereum to the wrong address, the total volume of which was quickly recovered.
This has led to questions being raised about the integrity of the company and its leading officials. A transaction worth $400 million could not be sent from a company like Crypto.com without a vast amount of executive supervision.
So how did this happen?
The CEO of Crypto.com quickly tweeted out that these transactions in fact occurred over 3 weeks ago and were sent to one of the company’s whitelisted corporate accounts. This is a very good example of the level of FUD present in the market. Rumours run rampant following any bearish flake of news and end up dominating the media.
Mercedes AMG F1 Team suspends partnership with Crypto.com
A sponsorship deal worth over $25 million to the Mercedes team has been suspended due to these recent activities. Following the collapse of FTX, it is arguably not a bad decision by the Mercedes management team.
If CRO sees a decline as sharp as FTX experienced, Crypto.com could go bankrupt extremely quickly. With uncertainty as rife in the market as it currently is, Mercedes are simply covering their own back.
Vechain successfully sponsor the Nitto ATP Tour Finals
As the last tournament of the ATP tennis season, and taken part in by only the top few players of the Men’s ATP Tour, this is a huge event in the tennis industry. Vechain has secured another partnership in this bear market with the ATP Finals, being the primary blockchain service provider and partner with the tournament.
This is another momentous moment for VET, who have already secured numerous high-brow partnerships this year, most notably with the UFC. This is wondrous for the Vechain brand, which has been around the block for numerous years now.
Vechain is the perfect example of how crypto can be successfully integrated into sports. The FUD surrounding the market is primarily from newer web3 and crypto institutions. FTX exchange was founded in 2019 and has not survived a bear market. Vechain has been around since 2015, surviving the previous bear market and putting in an exceptional bull market performance, rising a total of 17,500% in value.
From this, it would seem that most current major sponsors of sporting teams and events are younger cryptocurrency projects that made a large amount of money in the bull run but have not proven themselves to be able to last in the bear market. Vechain epitmises slow, stable and progressive growth, having a solid foundation in exceptional tech.
Big Eyes Coin, the new meme coin vying for collaboration
Big Eyes has raised roughly $10 million in its presale this bear market, and following this has today (14/1/22) launched a huge advertising campaign in times square, featured below.
This Big Eyes Coin brand is growing every day and the project is on the verge of stepping into ‘phase 2’ of its roadmap. Less than $1 million away from its next stage of the presale, where the token value will see a 25% rise in value, now is the best time to get involved in the Big Eyes presale.
Check the button below to be taken to the Big Eyes website, and if you want to gain exposure to this meme coin, use the bonus code, BIGE748, for bonus tokens on your purchase!