online gambling singapore online gambling singapore online slot malaysia online slot malaysia mega888 malaysia slot gacor live casino malaysia online betting malaysia mega888 mega888 mega888 mega888 mega888 mega888 mega888 mega888 mega888 Tesla Stock and Bitcoin Rebound with S&P 500, But Bitcoin Price and Crypto Crash Still Predicted

摘要: Tesla and Bitcoin’s price have both made significant recoveries over the last 24 hours, however, our chart analysis indicates that a Bitcoin and crypto price crash is still a very real possibility for September.

 

 

Tesla’s price has surged over 10% following a 21% plunge on Wednesday. Meanwhile Bitcoin has also made a price recovery of nearly 5% amid the crypto market downtrend—is the simultaneous recovery of BTC and Tesla a coincidence or is there a connection?

Tesla Stock Rebounds, BTC Surges

On Sept 9, the Tesla price dropped by 21% in what investors deemed a terrible trading day, with the tech giant suffering its biggest drop yet. The sudden drop saw Tesla stock lose around 33.7% of its 2020 gains, falling from grace from a high of $498.32 in the past week. The drop also saw Elon Musk’s personal net worth fall by $16.3 billion.

Later that day, Tesla made a recovery, surging 10.92%. Bitcoin which had fallen into the crypto market downtrend and appeared to be consolidating at around $10,000 also surged 5% through the resistance point.

According to reports, there were clues that the Tesla stock would undergo a massive sell-off. One of the indicators was when investment management firm Baillie Gifford, a long-time shareholder of Tesla stock, sold its shares and cashed out its gains at the same time as the electric car and battery maker's stock hit a record high.

An obvious reason the Tesla price plunge was that the entire United States stock market has been correcting on a downtrend.

The downward trend and recovery of the overall stock market is also likely a factor for the Bitcoin prices as on data from Skew shows the 1-month correlation between Bitcoin and the S&P 500 has increased significantly from 18% to over 50%.

 

 

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詳見全文Full Text: blockchain.news

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