As TSLA crashes, Bitcoin is starting to perk up...

Tesla's loss appears to be bitcoin's gain.

Tesla's stock (TSLA) is crashing today after soaring into the stratosphere the past few days.

Soaring so much that it was even more overbought than bitcoin was at its euphoric peak back in 2017:

https://steemit.com/bitcoin/@jrcornel/btc-tsla-now-more-overbought-than-bitcoin-at-its-peak

At it's peak, TSLA traded for over $960 yesterday.

Fast forward to today though, and it is a different story...

TSLA is down roughly 20% on the day, it's biggest single day loss in 7 years:

(Source: https://finance.yahoo.com/quote/TSLA/)

TSLA's loss may be Bitcoin's gain...

It's not all bad news out there right now.

The rest of the stock market is flying right now and bitcoin is getting some wings itself.

Right around the time that TSLA started selling off this morning, bitcoin started rising:

(Source: https://www.coinbase.com/price/bitcoin)

Coincidence?

I doubt it.

If there is one thing I learned in all my years in financial markets, there are very few coincidences in finance...

Fast money traders were likely piling in TSLA these past few days, the same types of traders that generally like to trade the high stakes volatility game that is bitcoin.

My guess is that as TSLA started to roll over they jumped out and are now headed over to the next hot item.

In this case, bitcoin.

I would not be surprised to see bitcoin continue to pull money from TSLA over the next few days, which may help propel bitcoin up near those 2019 highs around $12-$14k.

We shall see...

And remember, there are no coincidences in finance.

Stay informed my friends.

-Doc