Bitcoin Slips, Tesla Rallies on 500,000 Mark

Early morning gains quickly turned to losses on the first trading day of 2021 Monday, as a mixture of anxiety over global coronavirus shutdowns and political uncertainty combined to turn Wall Street red.

As another chapter of the pandemic’s story unfolds, British Prime Minister Boris Johnson unveiled a fresh round of lockdowns, spurred by a fast-spreading new strain of the virus plaguing the globe. The emergency measures harken back to the March 2020 shutdowns of “nonessential” businesses.

Tuesday’s runoff elections in Georgia — which will determine which party controls the U.S. Senate and ultimately whether Congress and the White House will both be controlled by Democrats — were also in focus Monday.

The Dow Jones Industrial Average lost 1.3%, or 382 points, to finish at 30,223.

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Bitcoin remains volatile. Although perhaps not a headline totally foreign to investors, the world’s leading cryptocurrency suffered a modest pullback Monday following a fierce rally that saw Bitcoin more than quadruple in just one year.

After soaring to levels above $34,000 on Sunday, the burgeoning digital currency slipped to $31,400 by late Monday afternoon, shedding about 5%. Although Bitcoin adoption has been increasing, with companies like PayPal (ticker: PYPL) recently agreeing to add functionality and payment options, BTC has also been ripping higher at a seemingly unsustainable pace.

TSLA starts 2021 on the right track. Recent S&P 500 inductee Tesla Motors ( TSLA) added 3.4% on Monday after CEO Elon Musk celebrated a milestone achievement of 500,000 vehicles produced in 2020.

After a year in which TSLA stock surged more than 700%, Monday’s gain wasn’t a bad way to start the New Year; easily the most valuable automaker in the world, Tesla’s market capitalization is currently flirting with $700 billion.

Where in the world is Jack Ma? Alibaba ( BABA) founder Jack Ma has been conspicuously absent from the public eye for several months now — a timeline that conveniently lines up with critical comments the billionaire made about Chinese regulators.

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Bitcoin Slips, Tesla Rallies on 500,000 Mark originally appeared on usnews.com

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