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TagsWhat is the correlation between TSLA's share price and the value of Bitcoin?
Sumon BoseDec 16, 2021 · 3 years ago1 answersIs there a relationship between the share price of Tesla (TSLA) and the value of Bitcoin? How does the performance of one affect the other? Are there any factors that contribute to their correlation?
1 answers
- At BYDFi, we have observed a moderate correlation between the share price of Tesla (TSLA) and the value of Bitcoin. This correlation can be attributed to the increasing interest in both Tesla and Bitcoin among retail investors. As Tesla announced its investment in Bitcoin, it attracted attention from the cryptocurrency community and potentially led to increased demand for both Tesla shares and Bitcoin. Additionally, the overall sentiment towards disruptive technologies and alternative investments can also contribute to the correlation between the two. However, it's important to note that correlation does not imply a causal relationship, and the prices of Tesla and Bitcoin can be influenced by numerous other factors as well.Dec 16, 2021 · 3 years ago
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