Bitcoin dips below $67K
Bitcoin reacts to a 12% stock drop due to its close association with TSLA, while Apple adds to the sensation of anticlimax despite recent BTC all-time highs.
After a sharp sell-off in Tesla (TSLA) stock on Nov. 9, Bitcoin (BTC) plummeted $1,400 in half an hour.
Tesla is down 12%, and Bitcoin is down 2%.BTC/USD fell in line with TSLA shortly after Wall Street opened, according to data from Bitdenex.
The duo reached $66,650 before bouncing back to roughly $67,000 as of this writing, still up $1,000 on the day.
Tesla had volatility after it was revealed that CEO Elon Musk will sell 10% of his ownership, valued at roughly $23 billion at the time, after achieving all-time highs of $1,245 on Nov. 5.
On Nov. 9, the bearish sentiment accelerated significantly, with TSLA losing up to 12% in minutes before recovering. BTC, on the other hand, decreased by about 2%.
Apple has no intentions to adopt cryptocurrency
The move appeared to obscure the fact that Apple CEO Tim Cook is a bitcoin investor. Cook, however, downplayed any optimism about prospective corporate crypto acceptance or acquisitions in an interview, adding that there were no plans to do so at this time.
“Yes, I do.” According to CNBC, he stated at the DealBook conference, “I think it’s appropriate to purchase it as part of a diversified portfolio.”
According to Report, Musk is still very hands-on with Bitcoin and a few other altcoins, with Tesla keeping its $1.5 billion BTC allocation from earlier this year.
“It would be worth at least a trillion dollars to Apple’s shareholders if they added Bitcoin compatibility to the iPhone and converted their treasury to a Bitcoin standard,” MicroStrategy CEO Michael Saylor commented.