On November 9, Bitcoin (BTC) experienced a rough ride, plummeting by $1,400 in just half an hour, following a dramatic sell-off in Tesla (TSLA) stocks. Talk about a rollercoaster morning!
Bitcoin’s Sudden Shift
Data from Cointelegraph Markets Pro and TradingView illustrated a rapid decline in BTC/USD prices that mirrored the drop in TSLA stocks shortly after Wall Street opened. The cryptocurrency dipped to a low of $66,650 but managed to recover slightly, hovering around $67,000 by the time of reporting, still showing a modest increase of $1,000 for the day.
Elon Musk and Tesla’s Turmoil
The instability in the crypto market followed Tesla’s turbulent fortunes, notably after CEO Elon Musk announced plans to sell 10% of his stock holdings—equating to a staggering $23 billion. With the stocks experiencing a dramatic loss of up to 12% in mere minutes, the market mood swiftly turned sour, influencing Bitcoin’s performance as it felt the heat from the sell-off.
Apple’s Stance on Cryptocurrency
In a twist of corporate narratives, just as Bitcoin was facing backlash, Apple’s CEO Tim Cook mentioned his personal ownership of cryptocurrency. However, he squashed any dreams of Apple jumping into the crypto market by stating that there are currently no plans for the tech giant to accept cryptocurrencies.
What Tim Cook Said
During the DealBook conference, Cook commented, “I do. I think it’s reasonable to own it as part of a diversified portfolio.” While this statement sparked a flicker of optimism among crypto enthusiasts, it hardly shifted the needle in the grand scheme of things.
The Response from the Crypto Community
MicroStrategy CEO Michael Saylor shared his ambitious vision of what Apple’s involvement in crypto could mean: “If Apple were to add support for Bitcoin to the iPhone and convert their treasury to a Bitcoin standard, it would be worth at least a trillion dollars to their shareholders.” Quite the bullish take, Michael!
Wrap Up
The market remains unpredictable, as evidenced by the sharp movements in both Bitcoin and Tesla stocks. It’s a wild world out there, and keeping an eye on developments could pay off for those brave enough to hold on. Buckle up and hold tight, crypto enthusiasts!
