Tesla (NASDAQ: TSLA) shares are down 17% since last week. This is a significant drop since Tesla shares got the attention of investors last year leading to an increase in the share price of this electric carmaker by more than 200%.
The fall of Tesla shares is linked to the situation of a significant decline in Bitcoin prices in the market. Tesla owner Elon Musk has made an open statement investing $ 1.5 billion in the crypto currency, helping to boost Bitcoin's price level.
However, the price of Bitcoin suddenly rose above the level of $ 60,000.00 despite a significant decline when it fell sharply below the level of $ 50,000.00 this week.
Turning to Tesla shares, a group of hedge-funds made a short-sell and made a profit of $ 3.5 billion after Tesla shares fell from 900.00 points to 620.00 points in a week.