NEW YORK: Bitcoin, shares of Tesla and a high-flying exchange traded fund fell on Tuesday, retreating from recent rallies in a volatile session that gave investors a gut check.
Shares of Tesla, which recently disclosed a US$1.5 billion investment in the cryptocurrency, fell as much as 13.4 per cent and pared losses to end down 2.1 per cent. The ARK Innovation ETF, which counts Tesla as its biggest holding, finished 3.3 per cent lower. Bullish sentiment for many holdings in the ARK Innovation ETF remains high, Wu Silverman noted. Despite recent weakness, outflows from the fund have been minimal, according to research from Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group.
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