Why It Matters: Tesla said that it bought $1.5 billion of Bitcoin in February and announced that the company would accept Bitcoin as payment for its products. Musk s support for crypto seems to have positively impacted the prices of popular cryptocurrencies since that time.
Price Action: Marathon Digital traded as high as $57.75 and as low as 61 cents over a 52-week period. At last check Thursday, the stock was down 7.22% at $21.20.
Bitcoin was down 7.94% at $50,209 at last check Thursday.
Watch Moon or Bust
(CAN), Marathon Patent Group, Inc (NASDAQ:MARA) - Why Bitcoin-Related Stocks Are Trading Lower Today
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Elon Musk s Bitcoin concerns sink crypto-linked stocks
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The electric automaker said it will no longer accept bitcoin as payment.
Riot, MicroStrategy, and Marathon shares tumbled on market open on Thursday.
Shares of electric automaker Tesla Inc (NASDAQ: TSLA) erased earlier losses and were trading higher by just under 2.0% after Thursday’s market open. The reversal in direction follows a surprise announcement from the electric automaker in which it said it will no longer accept bitcoin as payment.
Pro: was this a marketing ploy at Tesla?
Tesla CEO Elon Musk took to Twitter to express concern with “rapidly increasing use of fossil fuels for Bitcoin mining.” While at the surface this may appear to be a negative catalyst for Tesla stock, this wasn’t the case as shares inched higher.
Cryptocurrencies May Soon be Coming to a Bank Near You
Cryptocurrencies have gone absolutely ballistic. All thanks to retail and institutional interest, which shows no signs of slowing. In addition, “Companies including Square, Robinhood, Cashapp, and even Paypal have implemented select cryptos, allowing these nontraditional assets to reach millions of potential investors who wouldn’t have previously been willing to go through the hurdles required,” as reported by the Atlanta Business Chronicle. Along the way, all could help send cryptocurrencies, miners, and companies that help buy, sell, and manage digital currencies to higher highs, including
Tokens.com Corp. (NEO:COIN)(FSE:76M),