Cryptocurrency prices are higher early Monday morning after only slight moves on Sunday.
Bitcoin broke the $42,000 barrier, trading at nearly $42,600 (+2.38%), while Ethereum and Dogecoin were trading at approximately $3,070 (+2.17%) and 15.6 cents (6.36%), respectively, according to Coindesk.
Cryptocurrency exchanges are shelling out top dollar to run ads during next Sunday’s Super Bowl between the Los Angeles Rams and Cincinnati Bengals.
The largest U.S.-based exchange, Coinbase Global Inc., COIN 7.24% will be running a spot, according to a person familiar with the matter, as well as exchanges FTX and Crypto.com. Canadian exchange Bitbuy has an ad during the Canada broadcast.
Advertising during the gridiron matchup remains the priciest on television: Thirty seconds of NBC airtime can cost up to $7 million. As such, Super Bowl ads often highlight industries with cash to burn. In the past, ads for internet companies and erectile dysfunction flooded the airwaves. Now it is crypto exchanges hoping to become nationally known.
"It’s a way to get our name out there," said FTX founder Sam Bankman-Fried. "In terms of venues to do that, it’s hard to find a higher-profile one than this."
In other cryptocurrency news, according to data compiled by CoinDesk, bitcoin’s trading volume across major centralized exchanges on the weekend was down significantly from Friday, but in line with most weekdays in the past week. Spot trading volume was reduced over the past week, as major crypto markets in Asia were off for the Lunar New Year holidays.