Nike Air Jordan Backed Crypto Price Drops Amid NBA’s Houston Rockets GM’s Tweet On Hong Kong
A post by a renowned Chinese crypto trader has gone viral after he noticed a sharp decline in the value of crypto tokens supported by Nike’s Air Jordansneakers in an exchange that is based in the US following the fallout between the NBA and Chinese government officials.
Reuters reports that the trader who posted anonymously on Weibo, an equivalent of Twitter in China, earlier this month revealed a 10% decrease in the prices of crypto tokens supported by Nike’s Air Jordan sneakers.
According to the anonymous trader, it is clear that the traders were withdrawing their funds from the market based on sneaker speculations. The trader interpreted the response in the market in accordance with the Chinese netizens anger following a tweet by Houston Rockets general manager Daryl Morey where he revealed his support for anti-chinese protests that are ongoing in Hong Kong.
Following the tweet, the Chinese state owned media outlets condemned Morey for supporting violence and advocating for a ‘secessionist pipe dream’. Morey has so far deleted the tweet.
Reuters has since calculated that the value of crypto tokens supported by Nike’s Air Jordan sneakers, which is the NBA players use in their games, have dropped by about 34% since Morey posted the tweet.
The analysis by Reuters was premised on data that was sourced from a worldwide crypto exchange 55.com that is common with most of the Chinese traders for exchanging yuan for USDT through Alipay or WeChat in order to buy tokens.
According to George Gao, a sneaker ambassador in China with more than 38,000 YouTube followers explained to Reuters that type of anger among basketball fans in mainland China following the Morey scandal is enormous and is likely to have repercussions if nowt well addressed.
The NBA’s Chinese market is currently estimated to be worth more than $4 billion and NBA is keen to address the controversy to retain its market.
Cointelegraph reports Hong Kong protesters have expressed their support for Daryl Morey following the controversy. Morey has also received support from different NBA fans in the US and around the world but the NBA has been on a damage control mode since the fallout.