Between Sep. 9 and 16, the price of Bitcoin (BTC) rose by over 11%. Similarly, in the same period, Tesla stock (TSLA) surged from $330.21 to $449.76, by 36.2%.
Millennials love TSLA stock and Bitcoin
Tesla stock and the Bitcoin price have seen an uncanny correlation in recent weeks. The correlation might come from the similarities between BTC price movements and the S&P 500. It also might be related to the fact that millennial traders actively trade both BTC and TSLA.
Bitcoin price falls as Tesla stock price drops in pre-market trading. Source: TradingView
Tesla stock neared its all-time high when Bitcoin surged above $11,000
The day the price of Bitcoin spiked above $11,000 across major cryptocurrency exchanges, Tesla stock price neared its record high.
TSLA slumped since early September after the Financial Times unmasked SoftBank as the Nasdaq whale. Following the report, a market-wide sell-off continued with the Nasdaq falling by 10% in six days.