Bitcoin’s Resurrection: 2023’s Roller Coaster Ride
Bitcoin (BTC) has seen an impressive 16% increase in 2023, providing a glimmer of hope for crypto enthusiasts who have braved the storm of last year’s downturn. Yet, as BTC rises from the ashes, it seems there’s a familiar rival eager to steal the spotlight.
Tesla’s Triumph: From Zero to Hero
After a tumultuous 2022, Tesla (TSLA) is back on the radar, showing off a remarkable 25% recovery since January 6. In the world of stocks, where fortunes can change on a dime, the electric car maker is proving that it still has some juice left in the tank.
Inflation and Gold: A Toast to Safety
With inflation dipping its toes and gold gleaming bright, investors might be itching to dive back into riskier assets. Tesla’s performance amidst this backdrop indicates it’s not just a car manufacturer but a contender for the best comeback of the year.
Bitcoin’s Struggle: The Road Ahead
Despite Bitcoin’s recent surge, it started 2023 with a shaky dip below $16,500. However, the crypto giant managed to hit local highs of $19,112, marking a much-needed relief for long-term holders (also known as ‘hodlers’). Still, it finds itself trailing Tesla in the latest highs and lows.
Correlation: Crypto Meets Tech
Analysis suggests a fascinating trend: Bitcoin has been closely linked with tech stocks, particularly Tesla. A Twitter commentator noted how similar the charts of BTC and TSLA look when laid over each other — it’s like watching a dance-off between two rivals at a party.
ARK Invest: Betting on Both Horses
While many investors are concerned about which asset is taking the lead, ARK Invest is running a different race altogether. The asset management firm is betting big on Tesla, recently snagging over 22,000 shares, flaunting its unshakeable confidence in both Tesla and Bitcoin’s potential.
GBTC: The Trusty Trust
ARK Invest has also made headlines with its increasing exposure to the Grayscale Bitcoin Trust (GBTC), which has been trading at a discount. Despite the risk, the firm seems to believe both BTC and TSLA will bounce back strong.
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