Tesla No Longer Accepting Bitcoin, Cites Mining Concerns

TSLA is up over 275% from a year ago

Deputy Editor
May 13, 2021 at 10:58 AM
facebook twitter linkedin


Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has proved he has the ability to move certain markets with relative ease -- most notably cryptocurrencies. Recently, Musk hyped up "meme" crypto Dogecoin, complete with a Saturday Night Live appearance; though, it didn't pan out like a host of investors were hoping. Now, the celebrity innovator is tackling an even bigger crypto, Bitcoin, doing so by announcing Tesla will no longer accept the coin as a form of payment for the company's cars due to environmental concerns related to the unsustainability of its mining practices. Following the announcement, Bitcoin fell as much as 14%, and TSLA is inching lower, last seen down 0.5% to trade at $587.27. 

On the charts, Tesla yesterday marked a three-day losing streak, in a close below $600 for the first time since March 8. Though the shares have struggled recently, down 15.8% in 2021, the 200-day moving average has provided consistent support and helped catch yesterday's pullback. Longer term, TSLA is up 275.3% year-over-year. 

We recently noted how Tesla stock could benefit from a short squeeze, and additional tailwinds could come in the from of a shift in the options pits. This is per the stock's 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than all but 3% of readings in its annual range. In other words, puts are getting picked up at a faster-than-usual rate. 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners