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Cryptocurrency Backed By NBA Sneaker Sees A Stark Drop

Roland James

Summary: A Chinese cryptocurrency trader noticed a huge drop in the cryptocurrency backed by Nike’s Air Jordan sneakers in the wake of Houston Rocket’s General Manager Daryl Morey tweets, according to Reuters. The anonymous trader posted on Weibo (Chinese social media platform) that there was an apparent 10% crash in the price of the Jordan backed ...

A Chinese cryptocurrency trader noticed a huge drop in the cryptocurrency backed by Nike’s Air Jordan sneakers in the wake of Houston Rocket’s General Manager Daryl Morey tweets, according to Reuters.

The anonymous trader posted on Weibo (Chinese social media platform) that there was an apparent 10% crash in the price of the Jordan backed tokens on a United States-based exchange. This is believed to be in response to GM Daryl Morey’s declaration of solidarity with protestors in Hong Kong. The NBA’s Chinese market is estimated to be worth $4 billion.

By Roland James

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