‘Advertising has taken a hit’: The crypto crisis has created an advertising vacuum

Since November, the value of the cryptocurrency market has plummeted from $3 trillion to roughly $900 billion. Analysts predict the meltdown will continue. The more spooked crypto investors get, the more they pump those currencies into the market, leaving a surplus of supply with limited demand. The rapid growth, short-term mindset that guided many of them over the last two years, has contorted into a more conservative, survivalist one. Digital ad spending for the 10 cryptocurrency advertisers is around 90% down since November, per data tracked by digital ad intelligence platform Pathmatics. It was only earlier this year they were forking out millions of dollars for ads during the Super Bowl. Now, they're barely advertising at all. No one knows when those dollars will recover. Source