bitcoin price today: Bitcoin declines in the wake of Tesla-inspired euphoria

By Olivia Raimonde Bitcoin gave up some of its gains fueled by Tesla Inc.’s $1.5 billion investment into the token that drove prices to record highs. The world’s largest cryptocurrency fell as much as 7.5% Wednesday to $43,764 after surging past $48,000 earlier this week. Alt coins including Ether and Litecoin also declined. “It’s no surprise that it’s taking a breather,” said Matt Maley, chief market strategist at Miller Tabak + Co. While Bitcoin is gaining traction among big league financial players like Elon Musk -- who announced Monday that Tesla added the token to its balance sheet -- Wednesday’s losses underscore the speculative and volatile nature of the coin. Again, raising questions on how viable a corporate strategy of converting company cash to crypto is. Bloomberg “I’m a little surprised it wasn’t enough to push $50,000, if I’m honest, but it’s surely only a matter of time,” Craig Erlam, senior market analyst for OANDA Europe, said in a note. /* User Identification Code Start */ var _tiluuid = localStorage.getItem('_tiluuid'); if (_tiluuid === null) { function receiveMessage(evt) { if (evt.origin === 'https://tilanalytics.timesinternet.in') { _tiluuid = evt.data; localStorage.setItem('_tiluuid', _tiluuid); } } window.addEventListener('message', receiveMessage, false); document.getElementById("_tiluuid_frame").src="https://tilanalytics.timesinternet.in/frame_v3.min.html"; } /* User Identification Code End */ var urlParams = window.URLSearchParams && new URLSearchParams(window.location.search), optParam = urlParams.get && urlParams.get('opt'); var objSec = {template: 'articleshow_main', msid:'80791661', secNames: ['markets','stocks','news'],secIds:['2147477890','1977021501','2146842','2146843']}; var tmplName = tpName="articleshow_main",lang = '',nav_sec1,newHookId,subsec1_value,subsec1_common = '1977021501',newHookId2,subsec2_value,subsec2_common = '2146842'; var objVc = {version_on:'20210211071747',js_newyearsale:'7',js_etsubscription:'1',js_onboarding_popup_sh:'6',js_comments:'111',js_googleslock:'782',js_googlelogin:'56',js_common_buydirect:'749',js_bookmark:'18',js_login:'46',js_datepicker:'2',js_electionsmn:'22',js_push:'54',css_buydirect:'14',js_tradenow:'19',js_commonall:'138',lib_login:'https://jssocdn.indiatimes.com/crosswalk/jsso_crosswalk_legacy_0.5.9.min.js',live_tv:'{"onoff_flag":"0","platform":"desktop","sections":["79755474","1977021501","1715249553","13352306","5575607","837555174","359241701","13357270","897228639","7771250","1466318837"],"pages":"all","auto_open":"1","default_tv":"0","timePeriod":{"showTimeFlag":false,"fromTime":"","toTime":""}}',global_cube:'0',global_cube_wap:'0',global_cube_faces:'2',global_cube_fullad:'0',global_cube_landingon:'sensex',global_cube_wap_url:'https://m.economictimes.com/iframe_cube.cms',site_sync:'0',adx:'1',amazon_bidding:'1',js_newsltrpopup:'119',nlExpiry:'864000',nlReloadExpiry:'30',fan_ads:'0',trackAdCode:'0',ajaxError:'1',oauth:'oauth',planPage:"https://economictimes.indiatimes.com/plans.cms",planPageTest:'https://economictimes.indiatimes.com/plans.cms',subscriptions:'subscriptions',krypton:'kryptonp',apw:'apw',nlSubscribe:'etsub3'}; if(window.location.host == 'economictimes-pp.indiatimes.com') { objVc.oauth="oauth-pp"; objVc.krypton = 'krypton-pp'; objVc.subscriptions="subscriptions-pp"; objVc.apw = 'apw-pp'; } var objDim = {d52:'nature_of_content',d96:'continuous_paywall_hits',d95:'monthly_article_count',d10:'user_login_status_hit',d54:'content_shelf_life',d98:'daily_paid_article_count',d53:'content_target_audience',d97:'monthly_paid_article_count',d12:'tags_meta_keyword',d56:'degree_of_conten',d11:'content_theme_the_primary_tag',d55:'content_tone',d14:'special_coverage',d58:'et_product_item',d13:'article_publish_time',d16:'video_embed',d15:'audio_embed',d59:'show_paywall_final',d61:'paywall_probability',d60:'paywall_score',d63:'paid_articles_read',d62:'eligibility_paywall_rule',d65:'bureau_articles_read',d20:'platform',d64:'free_articles_read',d23:'author_id',d67:'loyalty',d66:'article_length',d25:'page_template',d24:'syft_initiate_page',d68:'paywall_hits',d27:'site_sub_section',d26:'site_section',d29:'section_id',d28:'prime_deal_code',d70:'us_election_2020',d72:'paywall_experiment',d71:'plan_group_id',d32:'prime_article_read_before_syft',d75:'watchlist_active_status',d34:'content_age',d33:'prime_article_read_before_success',d36:'sign_in_initiation_position',d35:'subscription_method_hit',d37:'user_subscription_status',d1:'et_product',d2:'blocker_type',d3:'user_login_status_hit',d4:'agency',d5:'author_name',d6:'cms_content_publishing_type',d7:'content_personalisation_level',d8:'article_publish_date',d9:'sub_section_name',d40:'freeread',d45:'prime_hp_ui_template',d47:'prime_hp_ui_content_b_color',d46:'prime_hp_ui_content_size',d49:'syft_initiate_position',d48:'content_msid',d92:'last_click_source',d50:'signin_initiate_page',d94:'daily_article_count',d93:'internal_source'};var serverTime="02.11.2021 07:18:57";var WRInitTime=(new Date()).getTime(); (function () {if (self !== top) {var e = function (s) {return document.getElementsByTagName(s)}; e("head")[0].innerHTML = '*{display:none;}'; setTimeout(function () {e("body")[0].innerHTML = ''; var hEle = e("html")[0]; hEle.innerHTML = 'economictimes.indiatimes.com'; hEle.className=""; top.location = self.location; }, 0);}})(); _log = window.console && console.log ? console.log : function () {}; // Creating Elements for IE : HTML 5 and cross domain checks (function () { var elem = ["article", "aside", "figure", "footer", "figcaption", "header", "nav", "section", "time"]; for(var i=0; i -1) { window[disableStr + '-' + gaProperty] = true; } ga('set', 'anonymizeIp', true); ga('create', gaProperty, 'auto', {'allowLinker': true}); ga('require', 'linker'); ga('linker:autoLink', ['economictimes.com']); ga('require', 'displayfeatures'); window.optimizely = window.optimizely || []; window.optimizely.push("activateUniversalAnalytics"); ga('require', 'GTM-WV452H7'); customDimension.dimension1 = "ET Free"; customDimension.dimension4 = "Bloomberg"; customDimension.dimension6 = "Native - 80791661"; customDimension.dimension8 = "Feb 10, 2021"; customDimension.dimension9 = "Stocks"; customDimension.dimension12 = "bitcoin price today,Tesla Inc.,litecoin,elon musk,Corporate Strategy"; customDimension.dimension13 = "10:14 PM IST"; customDimension.dimension15 = "No"; customDimension.dimension16 = "No"; (function () { var a = window.localStorage && localStorage.getItem('et_syftCounter') || ''; a = a && JSON.parse(a) || {}; if(a.beforeSyft && customDimension) { customDimension.dimension32 = a.beforeSyft; } if(a.afterSyft) { customDimension.dimension33 = a.afterSyft; } })() var contentAge="0.3538773148148148"; if(contentAge) { customDimension.dimension34 = contentAge > 2 ? '>48hs':'