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After the historic volatility experienced in the crypto market the last several weeks, maybe it was time for a little change of pace.
Crypto markets today remained mostly flat—a continuation of the cool down yesterday afternoon, following a hot rally which saw the price of Bitcoin skyrocket to $9,400 before falling back down to Earth.
Bitcoin today is trading for just over $8,700, only a less-than-one percent dip from where it stood Thursday. The same is more or less true of the rest of the market, with Ethereum up less-than-one percent at $210 and XRP down 1% to $0.21.
All in all, total market capitalization for crypto is basically unchanged at roughly $245 billion.
The same can’t be said, however, for the stock market. The Dow Jones Industrial Average (DJIA) closed today down more than 600 points, while the S&P 500 dropped 2.8%. The culprit? Likely profit warnings from major stocks and heightened tensions with China.
The market saw major drops among leading tech stocks. Amazon, for example, led the downward charge with a 7% slide in price. Stock shares fell to $2,284—a near $200-drop from yesterday’s $2,453.
The dip followed news that the company would be extending its work-from-home order through early October, which may have left investors feeling wary.
Tesla also saw its shares slide by more than 11% after founder Elon Musk tweeted that the price of Tesla stock was “too high.”
Tesla stock price is too high imo
— Elon Musk (@elonmusk) May 1, 2020
Musk has found himself in trouble in the past with the SEC for similarly “inappropriate” tweets regarding his company’s stock. It looks like a $20 million fine and losing his place on the Tesla board wasn’t enough for Musk to learn any lessons.