Crypto.com has extended its partnership with Formula 1 through 2030, building on their 2021 collaboration to enhance mutual growth and value.
This renewed deal comes as the cryptocurrency market remains volatile, with Bitcoin's price dipping below $100K following Federal Reserve Chairman Jerome Powell's cautious comments about potential rate cuts in 2025.
Crypto.com Extends Formula 1 Deal
“Formula 1 was one of our first global sports partnerships and a key driver in elevating Crypto.com to the most recognized crypto brand in the world,” said Steven Kalifowitz, Chief Marketing Officer of Crypto.com.
“We are as bullish as ever about the future of crypto. We can confidently say crypto is here to stay, and we are excited to keep the momentum going with Formula 1.”
During the partnership, Formula 1 has witnessed seismic growth, achieving a cumulative TV audience of 1.5 billion, 750 million fans globally, and 96 million social media followers. Similarly, Crypto.com expanded its user base over tenfold to more than 100 million globally.
Formula 1 and @cryptocom extend partnership through to 2030Read the full story 📝👇#F1 #Formula1
— Formula 1 (@F1) December 19, 2024The renewed deal includes exclusive fan experiences, activations at Grands Prix, and brand visibility at key races. Crypto.com will also remain the Official Title Partner of the Miami Grand Prix.
Bitcoin Drops Below $100K amid Powell's Comments
The BTCUSD daily chart reveals a strong bearish momentum starting from Wednesday, as the price has been trending downward. It has formed three consecutive bearish candles, with the most notable development being its drop below the $100K.
Bitcoin's price has been under pressure following Federal Reserve Chairman Powell's recent comments. At a Wednesday press conference, he addressed the regulatory stance on cryptocurrencies, stating:
“We’re not allowed to own bitcoin. The Federal Reserve Act says what we can own, and we’re not looking for a law change. That’s the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.”
This article was written by Tareq Sikder at www.financemagnates.com.
