Bitcoin plunged 30% to near $30,000 at one point on Wednesday, continuing a major sell-off in the cryptocurrency markets that began a week ago.
 | WED, MAY 19, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 124.69 | -0.16 | -0.13% | | CSCO | 52.47 | -0.46 | -0.87% | | MSFT | 243.12 | +0.60 | +0.25% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | T | 28.96 | -0.59 | -2.00% | | AAPL | 124.69 | -0.16 | -0.13% | | AMD | 76.23 | +1.79 | +2.40% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 124.69 | -0.16 | -0.13% | | AMD | 76.23 | +1.79 | +2.40% | | TSLA | 563.46 | -14.41 | -2.49% | |
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 Bitcoin recovered to about $40,000 by the afternoon. Indeed, Elon Musk – whose Tesla is a bitcoin holder – assured his Twitter followers that the company has "diamond hands,"
implying the company won't sell out of its position. Overall, major indexes were down today, but were off well of their lows by the time the market closed. The S&P 500 ended the day off just 0.3%. The Nasdaq Composite, which saw the heaviest selling early on, closed flat. Finally, the Dow Jones Industrial Average lost 164 points to end the day at 33,896.04. The 30-stock index was able to stem some of the bleeding, having dropped more than 500 points earlier in the day. For now, market pros aren't too concerned about crypto's plunge and its ripple effect in the broader market. Bitcoin was the "last node of speculative fever that hadn't broken since February," noted Mike Santoli, CNBC's senior markets commentator. In fact, this decline might even be a good thing in the long term. "This was bound to happen at some point in '21 and a somewhat of a reset in crypto-pricing is likely more healthy vs negative for the broader equity markets over time," Jordan Klein, an analyst at Barclays, said in a note. |
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