By
Steve Muchoki
April 23rd, 2024
The decline in the crypto market coincided with the downfall in the US stock market. Tech stocks turned out to be the most notable losers. What does it have to do with Elon Musk and Tesla shorts? Read on to learn!
Back in 2020, we reported about Elon Musk introducing a new product away from his usual line. In particular, Tesla Inc (NYSE: TSLA) CEO announced a limited edition of short shorts at $69.42. Now, when Bitcoin (BTC) price has dropped to $42K, many believe there is a connection between the plunge and the Tesla shorts’ pricing. You might ask: “What does Bitcoin have to do with Tesla shorts?” And we will tell you that it figures that matter. The shorts’ price was not $70, not $69.99, but exactly $69.42! And what is happening now? Bitcoin has plunged from $69K to $42K, which proves that conspiracy theory exists!
The shorts came in different sizes ranging from extra small to extra-large, hence capable of accommodating anyone. Notably, the price was a likely reference to the $420 per share price that Elon Musk had offered shareholders back in 2018 when taking the company private. Now, with the price of Bitcoin (BTC) tanking to $42 in one day, there is obviously another explanation of the shorts pricing. Last week, Bitcoin suffered downtrends, with the price dropping down to $43,000 on December 4. Later, it reached $42,019.86, which was down about 40% from the all-time high of nearly $69,000 it reached in November. Then, the price eventually recovered to $47,133, consequently causing a dip of more than 16%. Notably, since May 15, Bitcoin has not seen such a significant one-day plunge, when the coin price fell to around $33,000.
You might also ask why shorts, not jeans. And it is also clear, as shorts are literally “short”, from $69K to $42K.
Other digital coins lost in price as well, with Ethereum (ETH) dropping by over 10% to $3,500 before rising to $3,870 on December 4. The overall market cap was hovering around $2 trillion on Saturday.
The decline in the crypto market coincided with the downfall in the US stock market. Tech stocks turned out to be the most notable losers.
Elon Musk’s New Hair Style
There is one more thing that caught the attention of the public and brought Elon Musk to the news. The market’s downturn started just after Musk was spotted with a new hairstyle. Just after landing in Miami, he appeared in pictures. Many immediately started making jokes of a 50-year old billionaire and agreed that the new haircut is giving one of two vibes, either Zorg from The Fifth Element or Roger Klotz from Doug.
On Reddit, the picture of the hair back has also got lots of comments, with some saying that a guy with billions in his pocket could afford something better than a “two cent haircut”.