has generated extensive press coverage, there's much more to the company than dabbling in cryptocurrency.
Ives set a 12-month price target for Tesla's stock, an estimate of fair value, at $950 a share. In mid-day trading Monday, the stock fetched $743.01 a share. The 52-week range is $70.10 - $900.40.Bitcoin has soared in 2021, driven in part by wider commercial adoption of the cryptocurrency, including Tesla's announcement that it could be used to buy one of its electric cars.
Despite Musk's successful investment in Bitcoin, Ives doesn't expect other major companies to stampede into the cryptocurrency. An unknown person was able to steal $2.8 million from a shared digital"vault" on Yearn.Finance, a service that allows users to deposit their funds in collective digital pools. Vault funds are then used in other"decentralized finance" offerings with the goal of generating additional earnings for the vault's depositors.Ethereum, the world's second-most popular cryptocurrency, fetched $1,731.10 in mid-day trading Monday, down about 14.
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