Bitcoin reaches $30K, chip stocks slide, Tesla stock downgraded: Trending tickers: June 21, 2023 (Video)

well checking in on the price of Bitcoin over thirty thousand dollars per coin up over 80 percent year-to-date hitting a six week High um you know Jared we had this conversation in the previous block with our guest from vetify who's saying essentially look it's not necessarily that all investors are back in favor with Bitcoin because you want to differentiate from those who are really hurt significantly during the collapse last year but at least for today to your point because of what we heard from BlackRock and Wisdom Tree a lot of investors getting in maybe a sign of optimism here I I think so or at least we're out of pessimism I mean what other bad news could come out with respect to crypto I think there is one huge looming piece of news which is that binance runs into catastrophic failure and I don't want to spread rumors that's not even on my radar here but that's something I was looking for but absent that you know we've had the SEC we've had the SEC going after not only coinbase but also binance we've had had a number the rash of bankruptcy was last year I think the market was just in the mood for some good news here I was making the point that technically Bitcoin was poised for a breakout we got some news here maybe that yeah maybe that chair uh Gensler here is not as anti-crypto as we thought or at least is going to take his foot off the brakes here uh but Bitcoin really up uh strong here let me show you a two-day chart that's well I guess we're only going to get the intraday but also you take a look at what's happened over the last two years um still in the bottom one quarter of that range and then I'm also taking a look at the chip sector AMD and Nvidia big names in the red today continuing a recent sell-off for the stock market most and they are the the stock market's most popular trade because that is the next bubble I guess as Market participants are seeing but let's check out the Wi-Fi interactive just want to show you the Sea of red on your screen today that's in the chip sector and I think some of this has to do with the comments that we got from chair Powell is that we're not done and maybe there's a little bit of hesitancy to throw money at this continued bubble trade in the midst of that or at least in the face of that but Akiko yeah Jared you also have to wonder how much profit taking is happening when you consider just the incredible run-up that we have seen in some of these chip makers as we talked about earlier on in the show it is the buzzword and we have seen it increasingly getting frothy especially with names like Nvidia as well as AMD well Tesla shares closing the day in the red after analysts at Barclays downgraded the EV maker to equal weight from overweight pointing to the recent AI boom as to what's driving the current stock rally in past weeks at the same time Barclays also raised their price Target on the EV Baker to 260 dollars up from 220 a share with them seeing a significant long-term opportunity for Tesla looking through the note here Jared specifically when it comes to what we heard from Dan Levy over at Barclays he says that you know that the market is overlooking is some of the immediate term challenges which includes potential price Cuts with more competition there as well as the pressure on profit margins the market getting really excited over these Partnerships with GM with four and then of course the potential for robo taxis and with Tesla licensing at that technology yeah well most of uh most of all the great things that are going to happen with Tesla probably in the future and not even the close future and that's been the moat that's been one of the most that it gets investors excited about this but yeah still a lot still a lot of work to be done