Bitcoin, Ethereum Technical Analysis: BTC, ETH Begin Weekend Close to Key Resistance Levels

Bitcoin, Ethereum Technical Analysis: BTC, ETH Begin Weekend Close to Key Resistance Levels

Bitcoin and ethereum began the weekend trading close to key resistance levels, as crypto markets continued to sustain recent gains. Overall, the global cryptocurrency market cap was marginally higher on Saturday, as traders prepared for this weekend’s session. Bitcoin BTC is currently trading 6% higher than at the beginning of the week, this coming as […]
Read More
Bitcoin, Ethereum Technical Analysis: BTC Surges to $45,000, as Russia Considers Accepting the Crypto for Oil & Gas

Bitcoin, Ethereum Technical Analysis: BTC Surges to $45,000, as Russia Considers Accepting the Crypto for Oil & Gas

Bitcoin moved past its $45,000 price ceiling, after it was reported that the Russian government was considering accepting it as payment for energies. The news sent BTC to a 24-day high, whilst ETH also climbed to a five-week peak. Bitcoin BTC was trading almost 5% higher on Friday, as markets reacted to the news that […]
Read More

Biggest Movers: DOGE, ADA Nearly 10% Higher, as AXS Leads Today’s Gainers

DOGE was higher during today’s session, as it was reported that a Bitcoin ATM operator added the token to its Kiosks. This comes as cardano also added to recent gains, after it was revealed that Coinbase is now offering cardano staking. Despite this, it was axie infinity (AXS) that led Thursday’s gainers. Axie Infinity (AXS) […]
Read More

Bitcoin, Ethereum Technical Analysis: ETH Recaptures Fresh 1-Month High

Ethereum rebounded during Thursday’s session to recapture the $3,000 level, climbing to a fresh one-month high in the process. This comes as BTC rose back above $43,000, hitting a 20-day high as a result. Bitcoin On Thursday, BTC rose to its highest level since March 3, as prices of the world’s largest cryptocurrency gained for […]
Read More
Crypto and NFTs at F1: What are firms bringing to the races beyond sponsorships?

Crypto and NFTs at F1: What are firms bringing to the races beyond sponsorships?

Are crypto companies sponsoring F1 for the glitz and glamor, or will NFTs demonstrate important use cases behind these partnerships?

The cryptocurrency community has always put an emphasis on decentralization and globalization. Therefore, it shouldn’t come as a surprise that a number of crypto companies are sponsoring Formula 1 (F1) racing teams in an attempt to further connect with audiences across the world. 

Research by global analytics company Nielsen Sports found that Formula 1 has the potential to reach about one billion fans globally this year, with the 16–35 age group accounting for the biggest share. The appeal of F1 is clearly on the rise, and cryptocurrency companies are jumping on board to demonstrate their presence. To put this in perspective, there are 10 F1 teams for the 2022 season and crypto companies are currently sponsoring eight.


Crypto and F1: An ideal marketing match

Mark DiMassimo, founder and creative chief of DiGo — a New York-based marketing agency — told Cointelegraph that the interest crypto companies are taking in Formula 1 certainly makes sense from a marketing perspective. “You can argue that F1 is a natural extension from a sponsorship standpoint for crypto companies since both sectors are international, exciting and involve money,” he said.

To DiMassimo’s point, the F1 racing team, Red Bull Racing, recently entered a three-year partnership with Singapore-based crypto trading platform Bybit for $50 million per year. Prior to this, the cryptocurrency exchange announced a $100 million partnership with Formula 1 for its 2021 “Sprint Series.”

Igneus Terrenus, head of communications at Bybit, told Cointelegraph that the crypto exchange views sports sponsorships as a key part of its global marketing strategy to build brand awareness and sentiment in major markets. “We are also partners to some of the top e-sports teams in the world, but Formula 1 remains the most popular international racing series,” said Terrenus. He added that Formula 1 has a larger and more global following than almost every other sport:

“2021’s Abu Dhabi GP culminated in a dramatic nail-biting final-lap decider that saw Red Bull Racing’s Max Verstappen prevail over Mercedes’ Lewis Hamilton — this attracted an audience of 108 million. Whereas Super Bowl 2022 between the Rams and Bengals drew an audience of 101 million.”

Patrick Hillman, chief communications officer at Binance, told Cointelegraph that F1 is a sport the crypto industry gravitates toward, given its global presence and fan base. “Binance recently announced a partnership with the BWT Apline F1 Team. There are very few sports as global as F1,” he said.

Blockchain companies are also getting involved with Formula 1. In January 2022, Fantom Foundation, a layer-one blockchain platform, announced its sponsorship with the Italian Formula 1 racing team, Scuderia Alpha Tauri. Fantom CEO Michael Kong told Cointelegraph that this partnership is important for several reasons, with exposure being a primary benefit. “It puts a lot more eyeballs on Fantom since F1 is watched by hundreds of millions worldwide. “This has partly been responsible for user growth on the Fantom network,” he said.

F1 sponsorships expand as NFTs gain traction

But, while crypto companies may have initially been drawn to F1 sponsorships from a marketing perspective, the rise of nonfungible tokens (NFTs) is presenting new opportunities for organizations involved with Formula 1. For instance, a recent Deloitte Global study anticipated that in 2022 alone, sports NFTs will generate more than $2 billion in transactions — double the volume seen in 2021. 

Additionally, the study predicts that by the end of this year, roughly five million sports fans around the globe will own an NFT sports collectible. Given this, the majority of crypto and blockchain companies sponsoring Formula 1 racing teams have also launched NFTs to coincide with sponsorships.

On March 22, 2022, Fantom announced a sponsorship with the Brazilian-American Formula 1 racing drivers Pietro and Enzo Fittipaldi. According to Kong, the duo drivers will display Fantom imagery on their race suits and helmets throughout the F1 2022 season. In addition to the sponsorship agreement, the Fittipaldi Brothers will launch their first NFT series on the Fantom network. “Both Pietro and Enzo have demonstrated a strong interest in emerging technologies. These NFTs will deliver unprecedented access to fans, allowing them to engage with the popular athletes through a new medium,” Kong said.

“The return of a Fittipaldi Grand Prix Debut” NFT created by artist Rich. Source: Infinity NFT

Pietro Fittipaldi further told Cointelegraph that he and his brother decided to launch an NFT series with Fantom due to their involvement in the crypto world:

“We wanted to be able to share some of our most exclusive items with our fans and the people who support us through the NFT community. We have always been very active on the digital side of things. My brother and I won the first F1 virtual world championship, so to be able to do something else digitally through NFTs made a lot of sense.”

Fittipaldi explained that the NFTs will be designed by the Brazilian artist Rich, who is famous for his graffiti artwork. “These art pieces will then be digitized into unique NFTs that offer access to exclusive F1 championships, along with access to my indy 500 F1 helmet and virtual mini-world championship replica helmet,” said Fittipaldi.

“Virtual World champions 2021 NFT” created by artist Rich. Source: Infinity NFT

Kong added that NFT agency Infinity NFT will support the Fittipaldi Brothers sale by delivering four NFT categories for fans to choose from, each offering varying levels of direct engagement.

In addition to Fantom’s recent NFT launch, Terrenus said that Bybit will serve as the primary marketplace for the NFTs released by F1’s Oracle Red Bull Racing team. Bybit’s NFT marketplace was launched in January 2022, but Terrenus believes that it has already generated impressive support from the community.

Bybit will also issue fan tokens for the Oracle Red Bull Racing team, expected to launch next year. According to Terrenus, fan tokens will ensure that the community’s voice is amplified when it comes to the team’s decision-making processes.

F1 community learns about blockchain

While it’s notable that crypto companies are sponsoring F1 racing teams and drivers, some may question how the mainstream will receive these partnerships and NFTs. This is especially important to consider, given the fact that NFTs are still a new and sometimes unclear concept for non-crypto natives. For instance, recent research from the NFT Club found that although NFTs have increased in popularity since Dec. 2020, the most popular question of 2021 was “where to buy NFTs.” This demonstrates that there is still a large sector of individuals unfamiliar with the NFT space.

Kong noted that Fantom has had a positive experience collaborating with Alpha Taur, noting that the company was able to explain NFTs, their benefits and possibilities when Fantom worked with Alpha Tauri F1 driver Pierre Gasly on his NFT launch. “Hopefully, we’ve been able to further introduce them to blockchain technology,” Kong commented.

Fittipaldi added that he believes NFTs will be well received by non-crypto natives due to the utility behind the tokens. “A lot of times, people think NFTs are just about buying digital artwork, but behind these creations is access to exclusive F1 championships.” With this in mind, Fittipaldi shared that he and his brother plan to launch more NFT collections moving forward. “The whole idea behind this drop is for our community and fans to have something exclusive, which we plan to offer more of moving forward.”

Moreover, crypto sponsorships also seem to be resonating well with F1 team leaders. An article published this month on highlighted this notion, as the Formula 1 Mercedes team boss Toto Wolff stated that “it was fascinating to understand crypto exchanges,” in reference to FTX’s sponsorship with Mercedes. 

Read More
Top coins to buy in a bear market | Find out now on The Market Report live

Top coins to buy in a bear market | Find out now on The Market Report live

On this week’s episode of “The Market Report,” Cointelegraph’s resident experts discuss which coins you should consider buying in a bear market.

“The Market Report” with Cointelegraph is live right now. On this week’s show, Cointelegraph’s resident experts discuss which are the top coins to buy in a bear market.

But first, market expert Marcel Pechman carefully examines the Bitcoin (BTC) and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down.

Next up, the main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which are the top coins to buy in a bear market. Going up first will be Bourgi, he’s decided to go with Monero (XMR), initially launched in 2014, it focuses on keeping your finances confidential and secure. His second pick is Flux (FLUX) which is a cloud based decentralized Web3 application and for his third pick he’s gone with Stacks (STX) which as of January was the #1 Web3 project on Bitcoin. Apps built on Stacks inherit all of Bitcoin’s advantages, marketability and network effects.

Yuan is next with his first pick of Dai (DAI), of course someone had to pick a stablecoin. It’s main advantage however is that it is a multicallateral stablecoin, which means there is more than one asset backing it. His next pick is (TOMB) which is an algorithmic stablecoin that is pegged to the price of Fantom (FTM). His last pick for the week is The Sandbox (SAND) which has proven to be a massive player in the metaverse space with major partnerships with Adidas, Snoop Dogg, Atari to name a few. Seems like Yuan has done his homework, will it be enough to win your vote though?

Last but not the least we have Finneseth whose first pick is going to be Algorand (ALGO) which boasts fast transaction speed, low costs and a simplified staking experience and managed no major network outages or technical problems, quite the achievement. His second pick is DeFi Chain (DFI), a blockchain dedicated to fast, intelligent and transparent decentralized financial services, accessible by everyone with a total value locked (TVL) approaching $1 billion. His third and final pick of the week is The Graph (GRT) which has released modules designed to help companies easily create data graphs and get started with their Web3 experience. The competition is going to be tough this week so stick around till the end to cast your vote in the live poll and find out who comes out on top.

After the showdown, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: Biswap (BSW) and Origin Protocol (OGN) token.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a free month of Cointelegraph Markets Pro, worth $100.

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

Read More

Bitcoin, Ethereum Technical Analysis: ETH Reaches 1-Month High Above $3,000, as BTC Hits $43,000

Ethereum rose to a one-month high above $3,000 on Tuesday, as the global cryptocurrency market place rose by nearly 4%. Bitcoin was also higher during today’s session, moving to its highest point in over three weeks. Bitcoin Bitcoin rose to its highest level in three weeks on Tuesday, as the world’s largest cryptocurrency climbed beyond […]
Read More