Plus, an almighty row has broken out between a luxury handbag brand and an NFT collection.
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Bitcoin jumped on Wednesday after the Federal Reserve confirmed it plans to cut its stimulus program by March. This could pave the way for interest rates to increase in 2022, with most economists on the Federal Open Market Committee expecting three such rises next year. Bitcoin had been trading nervously in the run-up to the Fed's announcement — but spiked from $47,800 to $49,400 as the central bank's chairman, Jerome Powell, delivered a press briefing.
Kevin Durant has signed a multi-year promotional deal with Coinbase Global. The NBA superstar will appear as the face of the brand — and in return, Coinbase will run digital ads and sponsored content on his sports site. In addition to this, Coinbase will donate to the Kevin Durant Charity Foundation. The cryptocurrency exchange also plans to release an advertisement to welcome its partnership with Durant, who invested in Coinbase all the way back in 2017.
An almighty row has broken out between a luxury handbag brand and an NFT collection. Digital artist Mason Rothschild has created MetaBirkins — tokenized versions of the Birkin bags regularly seen on the arms of A-listers. Each of the 100 NFTs features a unique bag shrouded in faux fur and decorated in dramatic colors. But the designer brand says it did not authorize or consent for its Birkin bags to be recreated in the metaverse — and the NFTs infringe on its intellectual property.
The United Kingdom's advertising regulator has gone on a banning spree — targeting ads from a number of major crypto exchanges. Coinbase, Kraken, Luno and eToro — as well as Papa Johns — have landed themselves in hot water with the Advertising Standards Authority. Some of their ads have been labeled as misleading, or have been accused of failing to clearly state the dangers associated with investing in cryptocurrencies. The ASA has described crypto ads as a "red alert" issue.