Weekend Crypto Trading Offers Clues to Stock Investors as Tesla Faces Shanghai Lockdown
The predictive power of tokenized stocks that are traded 24/7 is finally receiving the attention of Wall Street and the financial media, after Tesla’s stock tokens signalled bullishness among traders despite a difficult weekend for the electric car maker.
The news of Tesla stock tokens signaling a positive opening on Wall Street later on Monday comes after the company’s factory in Shanghai has been suspended intermittently since mid-March due to COVID-19 lockdowns in the major Chinese city.
According to a Bloomberg report early on Monday, citing an internal company memo, the factory will also remain closed on Monday, with workers asked to stay at home.
Shanghai authorities have ordered a two-phased lockdown for China’s financial capital, a city of more than 25m people, as authorities push to test the city’s entire population for COVID-19.
Still, traders of tokenized Tesla stocks are “signaling confidence” that the car maker will get through the problems facing its Shanghai factory, and that shares will rise on Monday, the Bloomberg report said.
For now, the only major exchanges where Tesla stock tokens are traded are FTX and Bittrex. In addition, an option to trade a synthetic stock token also exists via the decentralized finance (DeFi) platform Mirror Protocol (MIR).
At the time of writing (11:36 UTC), Tesla stock tokens on FTX stood at USD 1,098, up by about 1.26% compared to Friday’s closing price on Wall Street of USD 1,084.47.
At the same time, Mirror Protocol’s synthetic Tesla token (mTSLA), which is traded against the terraUSD (UST) stablecoin and usually trades at a premium, traded at UST 1,121, about 3.4% higher than Tesla’s closing price on Friday.
It is worth noting, however, that trading volume in both of these
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