Bitcoin's steep drop drags Tesla, ARK ETFs along for the ride | Crypto Craft

  • Bitcoin's steep drop drags Tesla, ARK ETFs along for the ride

    From reuters.com

    A dive in Bitcoin’s price this week spilled onto Tesla shares, shaving more than $110 billion off the electric carmaker’s value and some $20 billion from CEO Elon Musk’s net worth while slamming exchange traded funds holding the stock. Bitcoin slumped as much 17.2% earlier in the day, setting a tone of weakness across cryptocurrency markets as investors exited leveraged bets. It was recently down 10.8% to $48,318 at 1343 GMT. Tesla’s shares were down 7.3% to $662.3 as U.S. markets opened. The electric carmaker this month disclosed a $1.5 billion investment in Bitcoin. The drop in Tesla also hit exchange ... (full story)

Comment Options
yieldjunkie
Feb 23, 2021 1:31pm
Permalink
"Meanwhile, the Graniteshares 3X Long Tesla Daily ETP, a levered exchange traded product aimed at tripling the daily moves in Tesla shares, was down more than 32% in London."

Financial engineering at its finest.
Reply
  • Story Stats