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Bitcoin dips below $67K as Tesla stock slump combines with Apple CEO denying crypto plans


Bitcoin (BTC) dropped $1,400 in half an hour on November 9 after Tesla (TSLA) shares saw a sharp sell-off.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Tesla is down 12%, while Bitcoin is down 2%

Shortly after Wall Street open, BTC/USD fell in line with TSLA.

The duo reached $66,650 before bouncing back to hover about $67,000 at the time of publishing, up $1,000 on the day.

Tesla experienced volatility when CEO Elon Musk said that he would sell 10% of his stock, valued at $23 billion at the time, after achieving all-time highs of $1,245 on Nov. 5.

On November 9, the bad sentiment accelerated significantly, with TSLA dropping up to 12% in minutes before rebounding. BTC, on the other hand, is down about 2%.

$TSLA 1-hour candle chart. Source: TradingView

Apple has no intentions to adopt cryptocurrency

The action seemed to obscure the fact that Apple CEO Tim Cook is a bitcoin investor. Cook, though, downplayed any excitement about corporate crypto adoption or purchases in an interview, adding that no decisions had been made as of yet.

“I believe in it.” According to CNBC, he remarked at the DealBook conference that “I think it’s appropriate to purchase it as part of a diversified portfolio.”

Tesla’s $1.5 billion BTC allocation from earlier this year remains, as reported, far more hands-on when it comes to Bitcoin and chosen altcoins.

“It would be worth at least a trillion dollars to their stockholders if Apple added support for Bitcoin to the iPhone and converted its treasury to a Bitcoin standard,” MicroStrategy CEO Michael Saylor commented.

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