Crypto companies spent millions of dollars on advertisements for the Super Bowl on Sunday, a first foray for the buzzy digital assets industry.
But all that money — and exposure — during an annual face-off that in the past has attracted more than 100 million viewers, didn’t help lift the price of the largest cryptocurrency on Monday.
The cryptocurrency bitcoin
BTCUSD,
recently was trading at around $42,186, down 0.2% over the past 24 hours, and about 39% below its all-time high of $68,991 in November, according to CoinDesk data.
This Super Bowl featured crypto-related ads sponsored by companies such as exchanges FTX, Crypto.com, Coinbase
COIN,
Bitbuy, and stock and crypto trading platform eToro. A 30-second spot for an ad could cost as much as $7 million this year, according to NBC.
Some industry enthusiasts hoped that the ads would attract new investors, while also boosting bitcoin’s battered price. That doesn’t seem to be the case for now.
“Given all the headwinds affecting retail wallets, they [the ads] alone may not be enough to lift the markets should inflation and price corrections in equities reduce the aggregate pool of capital deployable in crypto markets,” R.A. Farrokhnia, professor at Columbia Business School, wrote to MarketWatch, in an email.
However, the commercials could still help raise awareness, Farrokhnia said.
Bitcoin’s support currently sits near $37.4K, “a level that we think may ultimately be retested,” Katie Stockton, managing partner of Fairlead Strategies wrote Monday, in a client note.
The U.S. stock market
DJIA,
closed lower on Monday, with the S&P 500 index
SPX,
down for three session in a row, as investors kept an eye on rising tensions between Russia and the U.S. over Ukraine, while also worrying about inflation and the Federal Reserve’s plans to tighten monetary policy.
Read more: Super Bowl crypto ads: QR code or Larry David? Here’s how social media reacts
