In this video, Sam discusses selling a cryptocurrency, Solana, due to negative news and uncertainty surrounding the FTX platform. He also talks about Tesla’s declining stock price, which has been attributed to reduced output in Shanghai and potential demand problems in China. However, Sam believes that Tesla’s strong financial position and market potential make it a good investment despite these short-term challenges. Sam also mentions buying and holding Bitcoin and Ethereum, and highlights the growing popularity of Polygon as a cryptocurrency with strong partnerships. Overall, Sam encourages viewers to share their strategies for buying and selling crypto and stocks.
Exploring the Crypto and Stock Market: Tesla, Solana, and More
Greetings, everyone! It’s your host, Sam, hoping you all had a great holiday weekend and are ready for the next holiday weekend coming up in a few days. But today, we have to talk about a crypto that I just sold. I got rid of it entirely as it had some negative news, and I wanted to sell it before the end of the year. We’ll discuss that in detail, along with some other significant market news, including Tesla’s stock dropping about six to seven percent today. So let’s jump straight into it.
Crypto has been relatively static, especially Bitcoin, which has been hovering around 16,830 for the last ten or eleven days. However, Solana, a cryptocurrency previously held by Sam, has had some negative news recently. Firstly, it’s closely tied to FTX, and there is still quite some uncertainty there. Secondly, some of Solana’s top NFT projects, The Gods and Utes, are migrating to Polygon and Ethereum. So, Sam sold off Solana and invested the proceeds into Ethereum and Bitcoin, which he continues to hold.
Stock Market News
The stock market isn’t doing too well either, with the NASDAQ down about 1.3 percent earlier today. However, Tesla’s stock has been hit particularly hard, falling under $115, down 63% since late September. According to Reuters, Tesla is going to run at a reduced output in Shanghai in January, extending the reduced output in the next month according to an internal schedule review by Routers. While this is not good news for the company, it remains a cash-rich company with no debt, good margins, and pricing power in the growing EV market. Moreover, the upcoming EV tax credits may positively influence the market response towards Tesla’s stock.
In conclusion, we have seen a mixed response in both the crypto and stock market over the last few days. Crypto has been relatively slow with Solana experiencing fallout, while Tesla’s stock has fallen due to reduced output. Regardless, Sam remains optimistic about Tesla’s future prospects, as well as Ethereum, Bitcoin, and Polygon.