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
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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. 

 

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