With the top two cryptocurrencies setting new all-time highs and analysts grappling with what Tesla’s big buy really means, CoinDesk’s Market Daily is back with the latest news roundup.

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This episode is sponsored by Nexo.io.

Today's stories:

First Mover: Elon Musk’s #bitcoin Bet Pays Off With $270M Gain on First Day

Reddit Value Hits $6 Billion After Users Fueled a Stock Frenzy (Bloomberg)

CME saw nearly 400 ETH futures contracts traded on first full market day (The Block)

Stocks Tick Lower After S&P 500’s Record Close (WSJ)

Blockfolio Apologizes After Racist Terms Posted in Portfolio App (CoinDesk)

Diamond Prices Regain Their Sparkle (WSJ)

Cardano, Polkadot Market Caps Surpass XRP as Some Bet on Alternatives to Ethereum (CoinDesk)