ryptocurrency adverts starring high-profile celebrities have vanished from US television as the crypto crash deepens, says Bloomberg. Commercials for crypto trading featuring stars such as basketball player LeBron James (pictured) and actor Matt Damon had been in heavy rotation at the end of 2021, featuring the tagline “fortune favours the brave”, cost an estimated $65m over four months. But as cryptocurrency prices have plunged, so have marketing budgets. Damon’s ad last aired during the Super Bowl in February. Coinbase, the only crypto exchange publicly listed in the US, said in its second-quarter results last month that it was scaling back paid advertising. Total spending by major crypto firms in the US fell to just $36,000 in July, down from a high of $84.5m four months earlier, according to TV ad-measuring company iSpot.
