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Shutterstock Elon Musk’s surprise reversal on accepting bitcoin payments for Tesla cars has triggered a sharp plunge in the cryptocurrency — spelling trouble for other coins that have notched shocking returns in recent months. What’s happening: Bitcoin prices have plummeted about 12% to less than $50,000 in the last 24 hours, according to Coindesk. The decline comes after Musk, Tesla’s CEO and a vocal bitcoin advocate, said his company was suspending plans to accept the cryptocurrency as payment for electric vehicles, citing its “high environmental cost.” “We are concerned about...

by Tyler Durden Thursday, May 13, 2021 - 01:23 PM As tech limps away from its worst market pummeling in months, traders are keeping the pressure on Cathie Wood with PLTR and COIN still under pressure, and ARKK declining below 100. Although Wood has very publicly doubled down, there's been talk that short sellers see blood in the water, and won't let up until Cathie pukes. Her flagship ARK Innovation fund has fallen 35% from the highs, and the slide continued Thursday, sliding below the key psychological level of $100 thwarting an early rally as it soon emerged that Wood's ARKK fund was spoili...

The risk taking at beginning of the year in the stock market may not have gone away, but turned its attention to a more lucrative venue.

By Jack Denton (Photo by Andy Buchanan/Agence France-Presse/Getty Images) The technology-heavy Nasdaq is set to outpace other stock market indexes at the open on Thursday, ready to recover from a more than 2% slide since the beginning of this week. While investors keep pouring money into Big Tech stocks, individual investor favorites continue to suffer. And cryptocurrency prices may be a key reason, according to strategist Ben Onatibia’s team at investment research group Vanda, in our call of the day. Individual investors remain the major buyers of Big Tech stocks as prices move lower. Of ...

The same people that were bidding up GameStop, Tilray and the hundreds of SPACs that hit the market have moved their bets to cryptocurrencies.