Is The Tesla-Bitcoin Bromance Over? Morgan Stanley Analyst Sees Correlation Plummeting After EV Giant’s Earnings Miss
Morgan Stanley analyst and Tesla (NASDAQ:TSLA) bull Adam Jonas on Monday noted that the positive correlation between Bitcoin (CRYPTO: BTC) and Tesla shares has been falling to pieces since around the EV company’s third-quarter results. What Happened: Both Bitcoin and Tesla shares are viewed as gauges to measure investor risk appetite, Jonas noted. The two have historically expressed a positive correlation of over 0.5. However, since September, this has fallen to -0.59. The crumbling commenced in September, around the time of the company’s third-quarter results, the analyst said. For the third …