U.S. markets remained steady following the assassination attempt on former President Donald Trump. There was speculation that the attack might improve Trump’s chances of winning reelection, leading to soaring prices for Trump Media and cryptocurrency tokens like Bitcoin. U.S. stock futures saw minimal movement after the incident, with Dow futures climbing 0.58%, S&P 500 futures 0.43%, and Nasdaq futures 0.5% before markets opened on Monday.
The assassination attempt on Trump led to uncertainty in global markets. European markets saw a decline, with the Stoxx 600 down 0.29%, Germany’s Dax index down 0.24%, France’s CAC 40 down 0.51%, and Britain’s FTSE 100 down 0.29%. In Asia Pacific, Japanese markets were closed for a public holiday, Hong Kong’s Hang Seng index was down 1.52%, and the Shanghai Composite was relatively flat at market close.
The price of Bitcoin reached over $63,000 on Monday, marking a nearly 5% increase from the previous day and reaching a two-week high. Bitcoin has seen a significant rise of nearly 14% following the assassination attempt on Trump. Other popular digital assets like Ether, Binance’s BNB, Solana’s Sol, and Dogecoin also saw price increases between 4% and 6% from the previous day.
Shares in Trump Media & Technology Group surged over 50% during premarket trading on Monday. The company, majority-owned by Trump, has responded to developments surrounding the former president, including his criminal convictions and trials. The company owns Truth Social, an alternative social media platform that was embraced by Trump after he was banned from Twitter.
While Trump has been historically skeptical of the crypto industry, he has recently sought to present himself as a crypto-friendly candidate. Trump’s efforts to court the digital sector include embracing “made in the USA” Bitcoin, meeting with Bitcoin mining firms, and opposing the idea of a “digital dollar” issued by the Federal Reserve. The failed assassination attempt on Trump has influenced crypto markets, with polls and betting markets suggesting an increased likelihood of Trump’s reelection.
The total cryptocurrency market is valued at $2.42 trillion, with Bitcoin dominating more than half of its total value. Other factors to watch for in the crypto market include the potential launch of spot Ethereum exchange-traded funds, which could lead to a more general rally and push Ether’s prices higher. Additionally, there is a Donald Trump-inspired crypto token called MAGA with a market capitalization of nearly $400 million. The token saw a significant increase following the assassination attempt on Trump, despite subsequent losses.
