The news of an attempted assassination of former President Donald Trump caused a significant response in the financial markets. For example, Trump Media & Technology Group (DJT) saw a huge 53% rise in early Monday trade. At the same time that Bitcoin (BTC) prices increased, stocks linked to crypto also saw significant gains.
Bitcoin, often affected by political feelings, went up over $63,000 after the Trump event because Trump is seen as favoring cryptocurrencies. Coinbase Global (COIN), Riot Blockchain Inc (RIOT), and Marathon Digital (MARA) all saw their shares go up by 5% to 7% because of this rise.
According to analysts, the attempted murder might help Trump’s chances of winning the November election for president, which would be good for the stock of his media company.
A partner at Signum Global Advisors named Rob Casey talked about this feeling on CNBC’s “Squawk Box Europe,” saying, “The events of Saturday…make it more likely that President Donald Trump will win the election in November.” That’s what I think the markets have done this evening.”
Crypto Stocks Surge After Attempted Trump Assassination
The stock price of Trump Media & Technology Group, which owns Truth Social, a Trump-related social media site, has fluctuated widely in response to political events. For example, the company’s stock value dropped by almost 50% after Trump was found guilty of a crime. Truth Social is also still having trouble attracting more users because of the competition.
As of early trade hours on Monday, DJT shares had risen from a low of $30.88 to $47.31, which is a significant gain and a sign that investors are still interested in the company’s prospects even though political situations are changing. The day’s trading activity is significant for figuring out if DJT can keep its gains despite how the market reacts.
The market’s reaction to political changes shows how closely money and current events are linked, especially when it comes to digital assets and media companies affected by famous people like Donald Trump.
