Home >Markets >Stock Markets >Bitcoin slumps over 13%, drags Tesla down 3.3%

A dive in Bitcoin's price spilled onto shares of Tesla Inc, which recently disclosed that it held a $1.5 billion investment in the cryptocurrency, and slammed exchange-traded funds holding the stock on Tuesday.

Bitcoin slumped 13.3% to $46,951.51, tracking toward its biggest daily loss since March. Tesla's shares in turn fell 3.3% to $690.59.

The drop in Tesla shares hit exchange-traded funds (ETFs) such as the ARK Innovation ETF, down 4.9%, and the ARK Autonomous Technology & Robotics ETF, down 4.3%. Both ETFs feature Tesla as their biggest single holding.

Michael Saylor, chief executive of MicroStrategy, a major corporate backer of bitcoin, told CNBC on Tuesday that the approximately $1 trillion total value of the digital currency could subsume the market capitalization of gold at about $10 trillion.

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