In the wake of the NBA and China fallout, a Chinese cryptocurrency trader took upon himself to highlight the allegedly stark drop in the American sneaker-backed tokens’ price — in a post that has now gone viral.
Likewise, another post from earlier this month that came from Weibo (an anonymous trader) revealed that Nike’s Air Jordan sneakers-backed crypto tokens’ price underwent an apparent 10% crash on a United States-based exchange according to Reuters Oct. 16 reports.
The trader went on to claim:
“It’s clear sneaker speculators were pulling money out of the market.”
He took the Chinese netizens’ anger over a now-notorious Daryl Morey’s (general manager of Houston Rockets) tweet context to interpret how the market responded. In the tweet, the manager declared that he was in solidarity with Hong Kong’s anti-government, anti-Beijing protesters.
NBA’s market in China
Many people accused Morey of endorsing violence and touting the Chinese state media “secessionist pipe dream” even though he rapidly deleted the controversial tweet.
Since the Morey incident, price of Air Jordan 1 Retro High Satin Black Toe sneakers-backed tokens fell 34% according to the calculations that Reuters did.
To conduct the analysis of the latest and iconic sneakers, Reuters obtained data from 55.com global digital asset exchange. Chinese traders who have banned from trading on domestic platforms usually rely on this exchange when using WeChat or Alipay to transact yuan for Tether (USDT) when purchasing tokens.
China mainland basketball fans were unprecedentedly angered over the Morey controversy — according to a Chinese sneaker brand influencer who boasts over 38,000 YouTube followers George Gao.
Reportedly, the estimate of NBA’s Chinese market could be worth more than $4 billion.
Per an Oct. 16 Hong Kong Free Press update, Hong Kong protesters had gathered in support of Daryl Morey.
Protest movement- crypto relationship
Pro-democracy, anti-government protest movement occurring in Hong Kong has spurred wider cryptocurrencies adoption. For instance, some city retailers have even gone further to introduce cryptocurrency payments support.
Hardline response to Hongkongers’ protests on the Chinese state’s anniversary Aftermath has made Bitcoin become “very attractive” amongst those people advocating for civil liberties according to Anthony Pompliano — co-founder of Morgan Creek Digital.