Bitcoin trades in $29K 'no man's land' as Tesla ESG fallout routs stocks

cointelegraph.com:

Bitcoin (BTC) stayed $1,000 lower on May 19 after a grim trading session on Wall Street the day before put pay to further upside.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $29,000 at the time of writing, having bounced at $28,600 on Bitstamp.

The pair had declined in step with United States equities, with the S&P 500 particularly in focus as it set its largest intraday decline since June 2020.

Drama over Tesla, which was removed from the index amid ongoing controversy, fuelled the poor performance.

The firm's CEO, Elon Musk, publicly rebuked those behind the decision, which appeared tied to adherence to so-called Environmental, Social and Governance (ESG) criteria.

"ESG is a scam. It has been weaponized by phony social justice warriors," part of a Twitter response read.

Further proof that ESG is a scam.Tesla (a literal EV company) is also invested in Bitcoin, the most powerful “S” holding one can have, something that boosts financial powers for tens of millions of people worldwide under authoritarian regimes and emerging markets https://t.co/g2cRc4Tows

Cathie Wood, founder and CEO of investment giant Ark Invest, called the decision to exclude Tesla "ridiculous" and "not worthy of any other response."

As counter-inflation measures begin to bite, the outlook for risk assets was at best one of "consolidation" in the months ahead, some argued.

Popular trading account CredibleCrypto agreed that Bitcoin was copying behavior exhibited by the S&P 500 during the 2008 Global Financial Crisis.

Do you remember the sentiment in '08 when the housing bubble popped? Do you remember the stock market crash of '08 and the subsequent recovery? Range highs taken, range lows taken, deviations, expanded flat, whatever