Apple and Tesla keep falling while Bitcoin holds ground

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Last Updated on 6 November 2023 by CryptoTips.eu

There seems to have been a decoupling between tech stocks and crypto in recent weeks. Analysts argue that this means that Bitcoin has bottomed out while technology could go a lot lower. We look at the correlation between tech and crypto as Apple, Tesla and many other tech stocks continue to go lower.

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Correlation

In April of this year, the correlation between tech stocks and Bitcoin was still at its highest level ever. In the last two months, however, there is a noticeable difference. Due to the FTX scandal, which erupted in full force in November, Bitcoin lost some of its value in that month but found a strong bottom around the $15,500 level.

At the end of November, we already literally asked if Bitcoin had found its bottom for the year. With only a few days to go, that seems to be the case.

Since then, Bitcoin has traded within an ever-narrower trading band that is stuck between $15k and $18k.

In the month of December, an almost stable price level was noted for Bitcoin.

Tech stocks, meanwhile, are experiencing a very bad month of December. Traditionally, people look forward to a so-called Christmas rally in these weeks, but that is not the case in 2022.

Tesla and Apple losers

Earlier this week it was therefore remarkable to see that Apple and Tesla, just about the big winners of 2021 in terms of investment opportunities (along with Bitcoin), now emerge as the big losers of December 2022.

In particular, the expected problems in the global supply chain in early 2023 hurt both stocks. Apple is at its lowest level since June 2021.

Tesla is one of the most spectacular losers of the bad stock market year 2022. In one year, the share became almost 70 percent cheaper. At the end of December, it trades at around $110, down from $407 in November 2021.

Many say that Elon Musk’s affection for Twitter (and the fact that he spends a lot of his time at the social media platform’s HQ) has a lot to do with it, but tech analysts argue that even without that acquisition, Tesla would have been in trouble by 2022.

In any case, another sign on the wall that the Bitcoin bottom is probably in already.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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