AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Coinbase is under fire after its Super Bowl ad promised free cryptocurrency to the public
- Due to the excess traffic, Coinbase website was not able to handle the onslaught leading to some angry customers.
- Analysts say that the Ukraine/Russia conflict is likely to lead to uncertainty in the market and will put upward pressure on crypto prices.
Leading cryptocurrency exchange Coinbase is under fire after its Super Bowl ad promised free cryptocurrency to the public.
The US$20 million ad, which was aired during the biggest NFL game of the year and was seen by around 200 million people, offered US$15 in free crypto.
Coinbase’s ad, which reportedly cost the company around US$14 million, simply showed a QR code, which audiences were supposed to scan with their phones. From there, the user was supposed to get redirected to a different page, where they would receive their free crypto.
However, due to the excess traffic, the website was not able to handle the onslaught leading to some angry customers.
Despite the debacle, people praised minimalistic approach of the add, which was reminiscent to a DVD player’s screensaver with the code bouncing around the screen.
Some even went as far as to say the website crash would help Coinbase in the long run as talk of the incident remained on Twitter long after the game.
Tensions in Ukraine
Tensions on the Russia/Ukraine border has continued as Russia threatens imminent invasion of Ukraine.
Conflict between the two nations, which could attract involvement from the US and its allies, will have an effect on the global economy on top of higher oil prices, which is already a concern.
Analysts say that the conflict is likely to lead to uncertainty in the crypto market and will put upward pressure on crypto prices.
The conflict and political instability may well test crypto’s use case as a transparent peer-to-peer money transfer system if it leads to the closure of banks and the fall in value of currencies across the globe.
This is because crypto may provide citizens with access to capital in case banks go down.
This has been the case in Myanmar recently as rebels have attempted to overthrow the militant government that took power in a coup around one year ago.
In this case, funding for the rebels has been achieved through the use of cryptocurrency, which is untracked and anonymous.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Image Description: winners and losers in cryptocurrency trading
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
