Bitcoin Surges Above $63,000 as Trump Media Shares Soar Following Assassination Attempt

U.S. financial markets remained stable on Monday morning following the recent attempt on former President Donald Trump’s life, with Trump Media and cryptocurrency values like Bitcoin experiencing a surge as investors speculate on the impact of the incident on Trump’s reelection prospects.

Stock futures in the U.S. showed minimal movement after the incident, with Dow futures up by 0.58%, S&P 500 futures by 0.43%, and Nasdaq futures by 0.5% before the market opening on Monday. However, the attempt on Trump’s life led to uncertainty in global markets, with European indices like Stoxx 600, Dax index, CAC 40, and FTSE 100 all showing declines.

In Asia Pacific, markets had a mixed response, with Japan’s markets closed for a public holiday, Hong Kong’s Hang Seng index down by 1.52%, and the Shanghai Composite remaining relatively stable at market close. Bitcoin’s price surged to over $63,000 on Monday, marking a nearly 5% increase from the previous day and reaching a two-week high.

Following the assassination attempt, Bitcoin saw a significant 14% gain for the week, reversing a downward trend that saw the cryptocurrency hit a four-month low in early July due to uncertainties surrounding potential selloffs from the German government and Mt. Gox creditors. Additionally, prices of other digital assets like Ether, Binance’s BNB, Solana’s Sol, and Dogecoin also rose between 4% and 6% on Monday, with weekly gains ranging from 11% to 17%.

Trump Media & Technology Group’s shares surged over 50% during premarket trading on Monday. The company, predominantly owned by Trump, has experienced volatility since its stock market debut earlier this year, responding to various developments involving the former president, including his legal issues and trials. The company is behind Truth Social, an alternative social media platform endorsed by Trump after his Twitter ban.

Despite Trump’s past skepticism towards cryptocurrencies, his recent efforts to position himself as a crypto-friendly candidate have influenced market dynamics. Trump’s engagements with the crypto sector, such as advocating for Bitcoin mining in the U.S. and opposing the concept of a “digital dollar,” have drawn attention from investors. The failed assassination attempt on Trump has also impacted crypto markets, with various indicators suggesting an increase in Trump’s reelection odds, which in turn affected market sentiments.

The total cryptocurrency market is valued at $2.42 trillion, with Bitcoin dominating over half of this value and Ether following at around 17%. The market has shown nearly 5% growth in the last day. Additionally, a Donald Trump-inspired crypto token called MAGA experienced a significant market capitalization of nearly $400 million following the assassination attempt, demonstrating the market’s responsiveness to political events.

Moving forward, factors like the launch of Spot Ethereum ETFs and potential developments in the crypto market are expected to influence market trends. The introduction of Ether ETFs could lead to a broader market rally and drive up token prices, similar to the impact Bitcoin ETFs had on the market previously.