Patrick Mahomes, Russell Okung react to cryptocurrency crash

By , Audacy Sports

Several top cryptocurrencies including Bitcoin, Ethereum and Dogecoin saw steep declines in their prices on Wednesday, after several weeks of heady new highs.

The sharp dip was noted by some in the sports world, where at least a couple prominent athletes have stepped up as leading exponents of digital currencies in recent years, including Carolina Panthers offensive tackle Russell and Brooklyn Nets guard Spencer Dinwiddie.

NFL superstar Patrick Mahomes of the Kansas City Chiefs wasn't previously known to be in the cryptocurrency game, but a morning tweet suggested he awoke to the same bad news as many others.

Okung, meanwhile, seemed to be unfazed by the crypto free fall, and responded to a snarky user who was "checking in" on him by saying he doubled down on the flagging asset.

"Y'all don't get it," Okung said. "I am not selling my #Bitcoin, ever."

Okung, 32, made headlines and arguably history last season when the Carolina Panthers granted his request to be paid half his salary in digital currency. Dinwiddie took it even a step further, selling shares in his $34 million contract with the Nets to investors as "tokens."

The price of one bitcoin dropped to about $32,000 at midday on Wednesday, before rallying to close at $39,000. The price topped out at about $64,000 in mid-April, a remarkable surge from early fall 2020, when it had been hovering around $10,000 for the better part of a couple years after a spike in late 2017. Others like Ethereum and Dogecoin saw similar drops by percentage.

The exact reason for the dip was unclear, though cryptocurrencies can be notoriously unstable. Reports suggested recent repudiations by Tesla and, separately, several large Chinese financial institutions helped to drive down prices.

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