An analyst at Wedbush said that Teslas share price is now tied to Bitcoin. Investors are growing tired.
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Tesla shares drop 13 after Bitcoin plummets to below 50k for second day - as analysts warn electric carmakers stock price is tied to cryptocurrency after 15b investment.
Tesla stock tied to bitcoin. Tesla revealed in February it had bought 15 billion of bitcoin before accepting it as payment for cars in March driving a roughly 20 surge in the cryptocurrency. Teslas stock is now heavily tied to the fate of bitcoin after a 15 billion purchase. This is the lowest Tesla has treaded since September 2020.
Both bitcoin and Tesla have become huge over the past few months. Tesla stock is now heavily tied to Bitcoin for both good and bad according to a new note from market research firm Wedbush Securities. Tesla shares are around 22 off their record.
Teslas 15 billion purchase of bitcoin last month means the companys stock is heavily tied to the digital currency Wedbush analyst Dan Ives said in a note on Tuesday. Teslas stock is now directly linked to the price of bitcoin after Elon Musks firm invested 15 billion into the cryptocurrency according to an analyst. On CNBC yesterday analyst Dan Ives was asked whether the price of Bitcoin and the price of Tesla are now linked to each other.
As of 1230 pm. The recent Bitcoin crash dragged it all the way down to 42k from the 64 price range. Bitcoin has dropped from a peak of almost 65000 in mid-April.
On Monday Feb 22 Teslas stock dropped 85 to 69700 with more analysts pointing fingers towards bitcoin as the causative agent. Teslas stock price and the value of Bitcoin now directly correlate with each other according to Wedbush analyst Daniel Ives. Tesla has dropped almost 4 this month while the Nasdaq 100 is up more than 2.
EDT Riot Blockchain NASDAQRIOT stock is up 21 Bit Digital NASDAQBTBT is up 25 and Marathon Digital Holdings. Teslas Stock and Bitcoins Fate Seem to be Pretty Tied. Stocks tied to Bitcoin are also getting a boost today.
Stock entered a bear market on Tuesday and a few analysts pinned that on the Silicon Valley electric-car makers recent bet on bitcoin. Stock entered a bear market on Tuesday and a few analysts pinned that on the Silicon Valley electric-car makers recent bet on bitcoin. TSLA shares plunged 15 to 698share following BTCs 16 dip.
Tesla shares faltered on Monday and Tuesday in tandem with Bitcoin erasing 30 billion from CEO Elon Musks net worth overnight. Todays drop appears to be a new issue for the electric vehicle maker. Tesla said in February that it had invested around 15 billion in Bitcoin and it planned to begin accepting the digital currency as payment soon The fair market value of Teslas Bitcoin holdings as of March 31.
Last week Wedbush noted that Tesla had already seen more than 1 billion in profit from its 15 billion Bitcoin investment in January more than its entire 721 million in profit from selling cars in 2020. Teslas meteoric tear is unraveling this month as experts start to worry that the stocks performance could start to mimic bitcoins extreme volatility after the firm disclosed a 1. Teslas stock finished Wednesday down 44.
Tesla stock seems to fall on Mondays and the start to this week was no different. The stock seems to be falling since the last month accounting for 20 of the total value lost and 12 of which happened in the past five days. Musk is now tied to the Bitcoin story in the eyes of the Street and although Tesla made a billion paper profit in its first month owning the digital gold it comes with added risk as seen this week said Ives.
Tesla broke the 500 mark in early September while bitcoin was hitting the 12000 range at around the same time. The drop also follows Musks replies to Peter Schiff calling out the Tesla CEO for labeling both fiat and bitcoin as BS In his opinion Musk considers talking about gold and owning it as two different. Multiple attacks Even though the 15 billion dollar direct investment by Tesla is less than 10 of its overall cash stockpile some in Wall Street apparently feel that Elon in this manner is showing his hand too much as to the love of all things modern and risky in their view.
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