NBA-China Scandal Crashes Nike Sneaker-Backed Crypto Token Price
Marie Huillet's original article for cointelegraph.com reduced by 59%
A now-viral post by a Chinese cryptocurrency trader has highlighted the stark drop in the price of American sneaker-backed tokens in the wake of the fallout between the NBA and China. As Reuters reports on Oct. 16, the anonymous trader's Weibo post from earlier this month had shone a spotlight on an apparent 10% crash in the price of crypto tokens backed by Nike's Air Jordan sneakers on a United States-based exchange.
"It's clear sneaker speculators were pulling money out of the market," the trader told Reuters. Reuters has calculated that the price of tokens backed by Air Jordan 1 Retro High Satin Black Toe sneakers - the latest in a line-up of exclusive and iconic sneakers sported by NBA stars - had fallen 34% since the Morey incident. Reuters' analysis is based on data from global digital asset exchange 55.com, which the report notes is used by Chinese traders, who - while being banned from trading on domestic platforms - exchange their yuan for Tether via Alipay or WeChat to purchase tokens.
George Gao - reportedly as a sneaker brand influencer in China with over 38,000 YouTube followers - told Reuters that the anger of basketball fans in mainland China over the Morey controversy had been unprecedented. "Political factors do affect my choice," Chen Luwei - a Chinese sneaker fan studying in Australia - told reporters.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.