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21 Oct 2021
2.5 min read

Bitcoin Hits a New All-Time High, Tesla Posts Record Revenue

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Key Takeaways

  • Bitcoin breaks previous peak and reaches a new high of $67,000
  • EV maker Tesla posts record revenue and profit figures for the third quarter

What’s on Focus in the Markets?

Bitcoin notched a new all-time high on Wednesday. The sharp swing higher added about 5.5% to bitcoin’s price, enough for it to reach a fresh peak of $66,980. To compare, the new peak was about 3% above the previous high of $64,800 set on April 14.

The record high for the orange coin was achieved a day after a Bitcoin-linked ETF debuted on Wall Street. In more detail, the ProShares Bitcoin Strategy ETF created a buzz around traditional investors. The launch of the ETF means the door to crypto markets is now open to wider audiences. In other words, institutional money managers now have exposure to bitcoin’s price through an exchange-traded fund.

Nearly $1bn worth of BITO (the ticker for the ETF) shares were traded over the first session. More broadly, the Bitcoin-linked ETF that deals in futures is the first crypto ETF approved by the Securities and Exchange Commission.

After years of developments, the crypto market was finally able to merge with real-world investing in a regulated environment. Still, as the ETF only holds bitcoin futures, actual bitcoin is not yet present on traditional markets.

Tesla Reports Surging Revenue and Profit

In individual stocks, EV maker Tesla Inc. released its third-quarter earnings report Wednesday after the bell. That said, the company logged its third consecutive quarter of record profit despite supply-chain shortages globally.

Tesla delivered 241,300 new vehicles during the quarter ended September, or 73% more than the year-ago period. Moreover, the car maker reported a $1.6bn quarterly profit, substantially higher than the $331m from a year earlier. Revenue, for that matter, landed at a record of $13.8bn, beating Wall Street expectations.

Tesla shares have rallied over the past couple of months to close Wednesday’s session at $866. In other words, about 4% from a record close of $883 a share reached in January.

Where Are Stocks Headed?

Stocks on Wall Street have pared all losses from recent weeks. Moreover, both the S&P500 and the Dow Jones Industrial Average are now just below their all-time records. The broader S&P500 added about 0.4% on Wednesday.

Similarly, the Dow was also higher by 0.4% on the day. Earlier in the session, the 30-stock benchmark jumped to a new intraday record. The Nasdaq Composite, the technology-heavy index, slipped 0.1% as tech stocks bucked the trend.

What’s Next for Traders and Investors?

Market participants today will be looking for the latest data on the economic front. In particular, the jobless claims are slated for release on Thursday. A proxy for layoffs, the first-time filings for unemployment benefits for the previous week are projected to remain near pandemic lows.

Today’s Economic Calendar (EST times)

  • 08:30 am, US, Initial Jobless Claims
  • 10:00 am, US, Existing Homes Sales (Sep)

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