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.
Bitcoin was recently down 11per cent at US$48,207, paring some losses after Jack Dorsey's Square Inc said it bought around 3,318 bitcoins for US$170 million. The cryptocurrency had fallen as low as US$44,845 during the session. 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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