Crypto stocks, Trump Media jump after Trump assassination
Following the attempted assassination of former President Donald Trump on Saturday, early-market trading on Monday saw a 53% surge in the shares of Trump Media & Technology Group (DJT) as well as increases for crypto-related stocks.
The price of Bitcoin (BTC) also increased following recent Trump events. The presumptive Republican nominee is seen as pro-crypto, and BTC reflected election sentiment by surging above $63,000 on Monday.
Crypto-related stocks experienced a surge following Bitcoin’s climb to a two-week high after the recent events involving Trump. Coinbase Global (COIN), along with bitcoin mining companies Riot Blockchain Inc (RIOT) and Marathon Digital (MARA), saw their stock prices increase by 5% to 7%.
Reelection
The assassination attempt could strengthen Trump’s case for winning the presidential election in November and make a Trump victory more likely.
“The events on Saturday…strengthen the case for President Donald Trump to win the election in November. I think that’s what the markets have reacted to this evening,” Rob Casey, partner at Signum Global Advisors, told CNBC’s “Squawk Box Europe” on Monday.
At 6:30 EST, the stock was trading at $46.58 per share up from a closing price of $30.88. It is now trading at $47.31 up 53% as of 9:07 EST. Monday’s trading session will be crucial in determining if the market holds DJT’s gains. As of 9:38 a.m. EST, DJT shares are trading up 35%.
Crypto and stocks
Trump Media & Technology Group is the parent company of Truth Social, the social media platform associated with Trump. Its stock has fluctuated during the election period.
After Trump’s felony conviction and considering his majority ownership in the company, the stock dropped by almost 50% within three weeks. Truth Social is also facing challenges in expanding its niche user base.
