Red Bull Racing signs $150M sponsorship with Bybit
Formula 1 team Oracle Red Bull Racing has signed a record-breaking sponsorship deal with crypto exchange Bybit. The team revealed that the 3-year sponsorship deal, reportedly worth $150 million, represents the single largest per-annum crypto venture yet seen in international sport.
Crypto prices today: Bitcoin falls 0.5%, ETH down 1.5%
Bitcoin is currently trading at $43,815, a 0.5% decline over the previous day. Ethereum is down 1.5% over the last 24 hours to $3,090. Solana fell 2.8% to $100.11, while Cardano is down 2.2% to $1.08. Polygon (MATIC) is up 0.3% to $1.82. The global crypto market cap stands at $1.97 trillion, a 0.78% decline over the previous day.
El Salvador’s Bitcoin adoption may pose risks to US financial system: US Senators
US Senators have introduced legislation requiring the State Department to write a report on El Salvador’s Bitcoin law and develop a plan to “mitigate potential risks to the US financial system”. In a press release, the senators said El Salvador’s Bitcoin Law raises significant concerns. Their proposed legislation gives the State Department 60 days to produce a report on the Central American country’s adoption of Bitcoin, should the bill pass.
Over 4,000 ‘criminal whales’ hold $25 billion worth of crypto: Report
A report from Chainalysis revealed that 4,068 “criminal whales” hold $25 billion worth of cryptocurrency. The firm defines criminal crypto whales as any private wallet that holds $1 million or more of crypto and has received 10% or more of those funds via illicit addresses. At the end of 2021, funds that came from illicit sources stood at $11 billion. The figure stood at $3 billion at the end of 2020.
Berkshire Hathaway’s Charlie Munger compares crypto to ‘venereal disease’
Charlie Munger, the Vice Chairman of Berkshire Hathaway, said he wished cryptocurrencies had been banned from the start. “I certainly didn’t invest in crypto. I’m proud of the fact I’ve avoided it. It’s like a venereal disease or something. I just regard it as beneath contempt.”, said the legendary investor.