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.
$DJT is the gift that keeps on giving to equity vol traders. The surface gets flat in a flash, and then slowly reprices vol in some areas 100+ vol points lower. Gamma scalping 1M – 3M long Vega calendars continues to work on this crazy name. Along with occasional pure arbs…
— Kris Sidial🇺🇸 (@Ksidiii) July 15, 2024
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.