Cristiano Ronaldo on trial and bitcoin on the rise

Yes, CR7 and bitcoin are related. Global soccer star Cristiano Ronaldo faces a legal challenge of epic proportions in this combination of sports and finance. Cristiano is at the center of a $1 billion class action lawsuit because he is accused of participating in the promotion and sale of unregistered securities in collaboration with Binance, a cryptocurrency exchange platform.

This highlights the growing interaction between celebrities and the complex world of digital finance. Promoting financial products (of any type) will always find legal opportunities. Allegations that he promoted, assisted and/or actively participated in the offer and sale of unregistered securities in coordination with Binance complicate Cristiano's legal situation.

The plaintiffs claim to have been influenced by Cristiano's promotions to invest in Binance financial products. This development is a sharp reminder that celebrities enter delicate legal and ethical territory when promoting financial products.

The cryptocurrency market is undergoing a significant shift as this legal controversy unfolds. Is the end of crypto winter finally here? For investors and enthusiasts, bitcoin has reached a level above $42,000, a high not seen since the collapse of Terra in April 2022.

The cryptocurrency market

This rise, driven in part by dovish comments from US central bankers and hopes for the approval of a spot bitcoin ETF in the country, represents a significant rally for the world's largest and oldest cryptocurrency. The increase in bitcoin price is related to the increase in volume of ether, the second largest cryptocurrency. Ether has reached a high of $2,200, which is a record in several months.