IDEG
Crypto ad spending may be down, but awareness remains critical: Experts
Crypto television advertising spending has reportedly fallen off a cliff in the United States, reflecting the current state of the markets. However, that’s no excuse to take a break, two crypto firms tell Cointelegraph. A Wednesday report from Bloomberg highlighted that television ad spending among the largest crypto trading firms hit the lowest mark in over a year, with only $36,000 spent in July according to ISpot, down 99.9% from $84.5 million in February. The $84.5 million ad spend was achieved during the U.S. Superbowl period when Crypto.com, FTX US, and Coinbase splurged on high-profile ads to raise awareness of their services. Despite the reported decline in TV ad spending, some crypto firms such as Singapore-based digital asset management firm IDEG Limited say they conti...
Experts reveal what Tesla’s $936M sell-off means for Bitcoin
Crypto industry experts are largely unfazed by Tesla’s decision to sell 75% of its Bitcoin (BTC) holdings, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns. On Wednesday, the electric vehicle manufacturer revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. During a conference call, Tesla CEO Elon Musk noted that the sale “should not be taken as a verdict on Bitcoin,” explaining that the move was due to liquidity concerns given the continued COVID-19 lockdowns in China. “The reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position:” “We are certainl...
