Crypto stocks and Trump media surge after Trump assassination attempt

After the attempt murder of former President Donald Trump on Saturday, early market trading on Monday saw shares of Trump Media & Technology Group (DJT) as well as increases in cryptocurrency-related stocks.

The price of Bitcoin (BTC) also surged following recent Trump events. The likely Republican nominee is seen as pro-crypto, and BTC reflected the electoral sentiment by rising above $63,000 on Monday.

Cryptocurrency-related stocks have seen a surge after Bitcoin surged to a two-week high following recent events involving Trump. Coinbase Global (COIN), along with bitcoin mining companies Riot Blockchain Inc (REBELLION) and Marathon Digital (MARA), saw their stock prices rise by 5% to 7%.

Re-election

The assassination attempt could strengthen Trump’s bid to win the presidential election in November and make Trump’s victory more likely.

“The events of Saturday … strengthen the case for President Donald Trump to win the election in November. I think that’s what the markets reacted to tonight,” Rob Casey, partner at Signum Global Advisors, told CNBC.Squawk Box Europe” on Monday.

As of 6:30 a.m. EST, the stock was trading at $46.58 per share, up from its closing price of $30.88. It is now trading at $47.31, up 53% from 9:07 a.m. EST. Monday’s trading session will be crucial in determining whether the market holds on to DJT’s gains. As of 9:38 a.m. EST, DJT shares are trading up 35%.

Cryptocurrencies and stocks

Trump Media & Technology Group is the parent company of Truth Social, the social media platform associated with Trump. Its shares have fluctuated during the election period.

Following Trump’s conviction for a felony and considering his majority stake in the company, shares have fallen nearly 50% in three weeks. Truth Social is also facing challenges in expanding its niche user base.

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