Did you know that the prices of Bitcoins have significantly risen to 7%? And along with that, Tesla stock had a surprising surge from $330.21 to $449.76, which approximately comes to 36.2%.
Why is it so popular?
There is a significant notion that millennials clearly love Tesla and bitcoin. Why? Both Tesla and Bitcoin have seen an unnatural correlation between them in recent times for various reasons. It might be due to the Bitcoin price movements and the S&P 500. Another reason could be related to the fact that there is more trading among individuals with respect to bitcoins and Tesla.
A surprising point here is that the day when finally bitcoin got a spike above $11,000 across significant cryptocurrency exchanges. There has been a significant high record of Tesla.
There has been a wide market sell-off of the Nasdaq whale and fell by 10% in six days. But just after the initial drop, there was a quick recovery in the U.S stock market, and the tesla prices have rebounded. And again, coincidentally, bitcoin rose from $10,300 to $11,100 at the exact same time. Again surprising, right?
Why such a strange correlation?
Furthermore, there is another asset that has a surprising correlation with them, and that is avocados. How? The spot price of Mexico city Hass Avocado from Michoacan has shifted quite similarly to bitcoins since June 2018. Quite strange, right?
According to Bloomberg’s reports, on July 14, a massive number of 10,000 day traders on Robinhood purchased Tesla shares injust a single hour at the day’s peak, which is massive!
Even the major data providers have found such correlations. Thus, this is not a hoax! TradingView and Tesla, and bitcoin were undoubtedly the most viewed assets in July as the demand rose gradually.
And the demand for the avocados rose as well along with them as usual. One of the evident reasons could be pandemic. How? This is because, during the epidemic, the demand went high and crazy. Thus, with massive arrival at a time, they have shipped smaller volumes to the United States since it was already well-supplied by California and Mexico. And the drop in the prices gave a boost in the overall demand, which has been pretty high if compared to the previous years, according to the reports published earlier.
As of now, traders have been expecting another breakdown of the amount approximately from $10,110 to 10,200. The Tesla stock market has also dropped in pre-market trading significantly. The rate is 2.55%, and again it has coincided with the prices of Bitcoin. This is a pretty crucial resistance that has great significance. There have been constant reports and analytics that are closely recording the changes and the numbers. This is excellent for better insight regarding the nature of the graph. And this will result in better prediction of the shares of such markets regarding the upcoming years. However queer it might seem, but they are coinciding certainly for the right reasons here!