Following the recent assassination attempt on former President Donald Trump, the markets saw a significant surge in the shares of Trump Media & Technology Group (DJT) as well as an increase in crypto-related stocks. The price of Bitcoin (BTC) also experienced an increase, reflecting optimism surrounding Trump’s potential reelection. With Trump being seen as pro-crypto, BTC surged above $63,000 on Monday, indicating a positive sentiment towards his candidacy.
In addition to the rise in BTC price, crypto-related stocks such as Coinbase Global (COIN), Riot Blockchain Inc (RIOT), and Marathon Digital (MARA) saw their stock prices increase by 5% to 7% following the events involving Trump. The surge in these stocks highlights the impact of political events on financial markets and investor sentiment. DJT’s parent company, Trump Media & Technology Group, which owns Truth Social, a social media platform associated with Trump, also experienced fluctuations in its stock price during the election period.
The assassination attempt on Trump could potentially strengthen his case for winning the presidential election in November, making a Trump victory more likely. Rob Casey, a partner at Signum Global Advisors, stated that the events on Saturday could enhance Trump’s chances of winning the election, leading to a positive market reaction. This optimism is reflected in the increase in DJT shares, which were trading at $46.58 per share at 6:30 EST, up from a closing price of $30.88. The stock continued to climb, reaching $47.31, up 53% as of 9:07 EST, with Monday’s trading session being crucial in determining the sustainability of DJT’s gains.
Despite facing challenges such as Trump’s felony conviction and struggles in expanding its user base, Truth Social remains a key player in the world of social media platforms. The company’s stock has seen fluctuations, with a significant drop of almost 50% within three weeks following Trump’s conviction. However, the recent market surge indicates a renewed interest in DJT shares and crypto-related stocks, reflecting the impact of Trump-related events on financial markets.
Overall, the events surrounding Trump, including the recent assassination attempt and his potential reelection, have had a significant impact on the financial markets. The surge in DJT shares, along with the increase in Bitcoin price and crypto-related stocks, illustrates the interconnectedness of politics and finance. As investors closely monitor developments in the political landscape, the financial markets continue to react to events and sentiments related to key political figures like Donald Trump.
