Crypto stocks, Trump Media jump after attempted Trump assassination

Following the assassination attempt on former President Donald Trump on Saturday, shares of Trump Media & Technology Group (DJT) surged 53% in early market trading on Monday, with cryptocurrency-related stocks also seeing gains.

The price of Bitcoin (BTC) has also surged following Trump’s recent events. The presumptive Republican nominee is seen as pro-crypto, and BTC reflected the election sentiment by rallying above $63,000 on Monday.

Crypto-related stocks have seen a surge after Bitcoin climbed to a two-week high following recent events involving Trump. Coinbase Global (COIN) is up between 5% and 7%, along with bitcoin mining companies Riot Blockchain Inc (RIOT) and Marathon Digital (MARA).

Re-election

The assassination attempt could strengthen Trump’s chances of winning the November presidential election and make his victory even more likely.

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

At 6:30 a.m. EST, the stock was trading at $46.58, down from a closing price of $30.88. It is currently trading at $47.31, up 53% as of 9:07 a.m. EST. Monday’s trading session will be critical in determining whether the market can hold onto 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, a social media platform associated with Trump, whose stock has fluctuated during the election season.

$DJT It is a gift that keeps giving to stock vol investors.

The surface suddenly flattens out and then vol slowly becomes priced 100+ vol points lower in some areas.

Gamma scalping 1M – 3M long Vega calendars continue to work on this crazy name. With occasional pure arbs…

— Kris Sidial🇺🇸 (@Ksidiii) July 15, 2024

Given Trump’s felony conviction and majority stake in the company, the stock has fallen nearly 50% in three weeks. Truth Social also faces challenges in growing its niche user base.