Bitcoin is falling. But you wouldn't know it from checking out Formula 1 races

What happened to the cryptocurrency market? Bitcoin prices may be falling, but judging by the cars on the world-famous Formula One racing circuit, you'd never know. For crypto, F1 is insane.

Eight of the ten teams competing in the high-profile international series are sponsored by a cryptocurrency company. F1 has seen a significant increase in viewership in recent years, thanks in part to Netflix's famous "Drive to Survive" reality show (NFLX).

A top exchange, Crypto.com, has a multi-year naming rights deal for the Formula One race in Miami, which took place earlier this month. Crypto.com is also a sponsor of the Aston Martin Formula One team.

Red Bull and Ferrari, the top two teams in Formula One so far this season, have both revealed new crypto sponsorship arrangements in recent months.

Ferrari (RACE) has partnered with blockchain firm Velas, and Red Bull has partnered with bitcoin exchange Bybit.

Other top Formula One teams are also embracing cryptocurrency. McLaren has a long-term sponsorship contract with OKX, which makes the crypto exchange the team's primary sponsor.

"We're not simply emblazoning our logo on McLaren automobiles. With NFTs and the metaverse, we're assisting Mclaren "In an interview with CNN Business, OKX's worldwide chief marketing officer, Haider Rafique, remarked.

OKX is the only cryptocurrency corporation to sponsor a Formula One team. That means its logo is clearly visible on Lando Norris' and Daniel Ricciardo's McLaren vehicles and racing suits.

"Cryptocurrency is a huge industry. It is undeniably here to stay and will play a significant role in the economy's future "McLaren Racing CEO Zak Brown stated. "Crypto enthusiasts are tech-savvy customers."

Still, the crypto sponsorship binge could backfire, as it did for many now-defunct dot-coms that aggressively spent on Super Bowl ads and stadium naming rights deals in the late 1990s and early 2000s.

"Sustainability is important to us, and we're all looking for ways to improve," said Frangella. "We are quite aware of this from a crypto standpoint, and we have these discussions with the Mercedes team.