Tesla reverses the situation against Bitcoin, outperforming the price recovery in 2023

Although the Bitcoin price has increased by 16% so far in 2023, a stock that it outperformed last year is now getting back at it. Despite its increased power, Bitcoin is still lagging.


BTC/USD 4-hour chart | Source: TradingView

Tesla turns tables on Bitcoin as 2023 gains outpace BTC price comeback

Tesla was in the news often in 2022 as its quick ascent to fame and stock price gains gradually faded.

Although CEO Elon Musk made history by losing their fortune, TSLA has gained over 25% since January 6. The environment is arguably favorable for a broad recovery in risk assets, with US inflation declining and gold prices rising as safe havens. Having started 2023 with a plunge under $16,500 and suffering depressing year-over-year losses of roughly 65%, Bitcoin is also intently examining chances for development.

On January 12, local highs of $19,112 on Bitstamp established new year-to-date returns of 16.8%. While this is a welcome development for holders, Tesla still leads from lows to highs in January. However, the examination still concentrates on the overall correlation between the two assets.

The immediate outcome of the race and which horse prevails are not entirely important to everyone. ARK Invest, the well-known asset management juggernaut known for its positive view on Bitcoin, increased its holdings of TSLA this month.

On January 11, ARK added more than 22,000 shares to its portfolio, making this the most recent acquisition. Due to its growing exposure to the Grayscale Bitcoin Trust (GBTC), the troubled institutional investment vehicle for Bitcoin that continues to trade at a significant discount to the spot price, ARK has drawn attention in recent months.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like