RATE Group | NBA-China Scandal Crashes Nike Sneaker-Backed Crypto Token Price
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NBA-China Scandal Crashes Nike Sneaker-Backed Crypto Token Price

16 Oct NBA-China Scandal Crashes Nike Sneaker-Backed Crypto Token Price

Posted at 19:50h in Cryptocurrency News by

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A now-viral post by a Chinese cryptocurrency trader has highlighted the stark drop in the price of American sneaker-backed tokens in the wake of the fallout between the NBA and China.

As Reuters reports on Oct. 16, the anonymous trader’s Weibo post from earlier this month had shone a spotlight on an apparent 10% crash in the price of crypto tokens backed by Nike’s Air Jordan sneakers on a United States-based exchange.

“It’s clear sneaker speculators were pulling money out of the market,” the trader told Reuters. 

He interpreted the market response in the context of Chinese netizens’ anger over a now-notorious tweet from Houston Rockets general manager Daryl Morey, in which he declared solidarity with anti-government, anti-Beijing protesters in Hong Kong.

 

NBA’s $4 bln Chinese market

As the report notes, Morey — who swiftly deleted the controversial tweet — was accused of endorsing violence and touting a “secessionist pipe dream”…

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