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Crypto Exchange Platform Airdrops LeBron James-Themed NFT Collection to Observant Viewers of Super Bowl Ad

Crypto exchange platform Crypto.com is airdropping an exclusive non-fungible token (NFT) collection to hawk-eyed viewers of their commercial during the Super Bowl. In a new blog post, the company announced that they would be airdropping NFTs that capture key moments of NBA superstar LeBron James’s career to observant fans who noticed a QR code easter […]

The post Crypto Exchange Platform Airdrops LeBron James-Themed NFT Collection to Observant Viewers of Super Bowl Ad appeared first on The Daily Hodl.

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CRO price hits new high after Crypto.com wins Los Angeles’ Staples Center naming rights

Crypto.com secures naming rights to the famous Staples Center in Los Angeles for $700 million.

Crypto.com’s native cryptocurrency, CRO, hit an all-time high of $0.593 on Nov. 18 after the company won the naming rights to Los Angeles’ Staples Center.

The cryptocurrency trading platform announced Tuesday night that it had paid $700 million to the Anschutz Entertainment Group to rename Staples Center to Crypto.com for the next 20 years. In doing so, it gained links with the downtown arena’s native sports franchises, including the National Basketball Association’s Los Angeles Lakers and Clippers, and the National Hockey League’s Kings franchise.

The deal should boost Crypto.coms public awareness, and this prompted traders to raise their bids for CRO, an intermediary settlement token across various assets inside the Crypto.com ecosystem.

CRO faces interim sell-off risks at peak

CRO surged by almost 27.50% a day after Crypto.com’s marketing deal and by up to another 20% the next day to reach a record high of $0.627, putting its market capitalization near $13.15 billion.

The Crypto.com token’s upside boom also had it close above its upward sloping resistance level, constituting a broad ascending channel pattern. Bears later returned to confirm the channel’s upper trendline as resistance, but bulls overpowered their attempts, causing the price to rebound higher.

CRO/USD 3-day price chart featuring ascending channel pattern. Source: TradingView

As a result, CRO entered price discovery, underscoring traders’ anticipation that its name on a popular sporting arena would boost its adoption and prices in tandem.

However, sell-off risks were there as its relative strength index entered overbought territory.

CRO/USD daily price chart. Source: TradingView

As a result, CRO showed signs of correction after peaking out on Thursday, suggesting that many traders decided to lock their profits in anticipation that the CRO price rally would not extend any further.

Based on the CRO’s historical price actions, its next leg lower is eyeing the 20-day exponential moving average (20-day EMA; the green wave) — at near $0.37 — as its next downside target. The wave has previously acted as an accumulation zone for CRO bulls after price dips.

Crypto meets sports

Founded in 2016, Crypto.com currently ranks as the world’s ninth-largest crypto spot exchange. In the previous 24 hours, its volumes came out to be $1.82 billion, compared to Binance’s — the top crypto exchange — $31 billion.

Related: Angelenos push back on new Crypto.com arena: 'It will always be the Staples Center'

Cypto.com also has existing sponsorship deals with the Ultimate Fighting Championship, French football club Paris Saint-Germain, and the NBA’s Philadelphia 76ers. The deals align with similar sponsorships between crypto companies and sports clubs, including BitMEX’s and Binance’s partnership with Italian Serie A clubs AC Milan and Lazio, respectively.

Meanwhile, FTX, whose native token, FTT, has surged by more than 750% this year, became the official crypto exchange brand for Major League Baseball following an announcement this year. The company also bought the naming rights for Miami Heat’s FTX Arena

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Angelenos push back on new Crypto.com arena: ‘It will always be the Staples Center’

"We are always gonna call it Staples Center no matter what lil name you slap on the building," said writer and professor Roxane Gay, who owns a home in Los Angeles.

Residents of Los Angeles, sports fans, and social media personalities are making light of Crypto.com’s agreement to rename the city’s Staples Center for its own marketing purposes. 

The Staples Center, a multi-purpose arena that has been home to the Los Angeles Clippers, Lakers and other major sports franchises for years, is scheduled to be renamed as the Crypto.com Arena starting on Dec. 25. This follows a $700 million agreement with the platform to hold the naming rights for 20 years. However, since its opening in 1999, the venue has always been called the Staples Center, and fans don’t seem to want Crypto.com or observers forget this fact when the handover happens.

“It will always be known as the Staples Center, no matter how many hundreds of millions of dollars Crypto.com paid for the naming rights,” said USA Today reporter Bryan Kalbrosky, who also called it “bonkers” to refer to the arena by its new name:

“Nothing means anything until we decide that it means something. This place is only going to be known as Crypto Dot Com Arena (it really doesn't roll off the tongue, my goodness) if people buy in and agree to call it that."

Even some of the professional sports players currently using the venue have reportedly said they will continue to be calling it by its original name. In an interview with the Los Angeles Times, Clippers guard Reggie Jackson said he “can’t see” the arena as anything other than Staples, an opinion echoed by teammate Paul George:

Many cities around the world have colloquial names for streets, parks, and buildings that have long since been changed to honor historical figures or reflect sponsors. In Chicago, many residents still refer to the Willis Tower skyscraper as the Sears Tower, though it was renamed in 2009 and the department store has closed many of its once-ubiquitous branches. Lady Bird Lake in Austin is still known by many as Town Lake, though it was changed in 2007 to honor the former First Lady.

Related: FTX set to secure naming rights to Miami NBA stadium until 2040

As it grows, Crypto.com has been inking deals for reasons of brand recognition and more. In July, the company also signed a $175-million sponsorship agreement with Ultimate Fighting Championship. Actor Matt Damon recently appeared in ads released around the world promoting the platform as well.

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Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com Arena

Iconic Staples Center, Home of Los Angeles Lakers, Changing Name to Crypto.com ArenaStaples Center, one of the most iconic and globally recognized sports and entertainment arenas in the world, is changing its name to Crypto.com Arena. Crypto.com has also become an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings. Staples Center’s New Name Is Crypto.com Arena AEG, the owner of Staples Center, […]

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