Interesting Relationship Between Tesla (TSLA) and Bitcoin (BTC)!
Interesting Relationship Between Tesla (TSLA) and Bitcoin (BTC)! Leading cryptocurrency Bitcoin (BTC) has shown that Elon Musk’s famous firm Tesla has an interesting negative relationship with stocks. Electric car maker Tesla started an incredible climb on February 2. Tesla’s stock value on NASDAQ almost doubled its value within a day.
Bitcoin Rise As Tesla Falls!
Looking at the data on Finance.Yahoo, it can be seen that Tesla has increased its stock value of $ 500 to almost $ 1,000 in a day. The leading cryptocurrency, Bitcoin, saw a sharp decline from the $ 9,450 level to the $ 9,200 level in the same period. In fact, even this alone can be put forward as evidence that BTC is rising as Tesla shares rise.
The negative relationship theory between Tesla and Bitcoin is gaining power when looking at the other daily movements. Tesla entered a sharp downtrend after reaching $ 961 in mid-February 2. Tesla, which experienced a free fall to $ 740 the next day, is being traded at $ 734 as of this writing.
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When we look at the Bitcoin chart, it is seen that BTC decreased from $ 9,240 to $ 9,450 on February 2. At the moment when Tesla painted a still image, after drawing a similar chart in BTC, a sharp rise started again yesterday. As of the writing of this article, BTC has an increase of 3.45% and a unit price of $ 9,650.
In addition, cryptocurrencies such as XRP experienced a sharp rise while Tesla was falling, and it can be interpreted that investors selling stocks switched to cryptocurrencies.