Trump Trade Is Back: Bitcoin Surges Past $71,000, Trump-Related Stocks Soar 310%

Trump Trade Is Back: Bitcoin Surges Past $71,000, Trump-Related Stocks Soar 310%With just one week left before the US election, despite polls showing a tight race between Trump and Harris, major betting websites' odds favor Trump's eventual victory. The market has reacted strongly, and the Trump Trade is back with a bang: Bitcoin has broken through $71,000 per coin, other cryptocurrencies like Dogecoin and Ethereum have also surged, and Trump-related stocks have seen a significant surge

Trump Trade Is Back: Bitcoin Surges Past $71,000, Trump-Related Stocks Soar 310%

With just one week left before the US election, despite polls showing a tight race between Trump and Harris, major betting websites' odds favor Trump's eventual victory. The market has reacted strongly, and the Trump Trade is back with a bang: Bitcoin has broken through $71,000 per coin, other cryptocurrencies like Dogecoin and Ethereum have also surged, and Trump-related stocks have seen a significant surge. Notably, Trump's own company, Trump Media & Technology Group (DJT.US), has seen its share price skyrocket by 21.59%, accumulating a staggering 310% gain since late September.

Cryptocurrency Rally, Bitcoin Breaks $71,000/Coin

On October 29, the cryptocurrency market, spearheaded by Bitcoin, experienced a sudden surge. Bitcoin reached a peak of $71,500 per coin, marking a new high since June 7th this year. Ethereum, Dogecoin, BNB, ADA, and other cryptocurrencies followed suit. As of this writing, Bitcoin has surged over 5% in the past 24 hours, Dogecoin has jumped over 18%, and Ethereum has gained nearly 5%.

Analysts attribute this rally to multiple factors, including Trump's recent surge in polls over Harris as the most significant driver. Additionally, tech giant Microsoft, with a market cap exceeding $3 trillion, is considering investing in Bitcoin. In the past two weeks, global asset management giant BlackRock has purchased 34,000 Bitcoin, worth approximately $2.4 billion (equivalent to 17 billion yuan), and its current holdings of Bitcoin are valued at over 200 billion yuan. Bitcoin is seen as a key component of the Trump Trade.

US Republican presidential candidate Trump has been courting the cryptocurrency industry this year, portraying himself as a pro-crypto candidate, vowing to make the US the global cryptocurrency hub. Democratic presidential candidate Harris has been more cautious regarding cryptocurrencies, pledging support for a regulatory framework for them. Industry experts remain divided on how her presidency would impact the crypto market.

Trump-Related Stocks Have Jumped 310%

On Monday, Trump's company, Trump Media & Technology Group (DJT.US), saw its share price surge by 21.59%, attracting market attention. In recent weeks, DJT shares have been on a steady upswing fueled by growing expectations of Trump's return to the White House. Compared to its intraday low of $11.75 per share on September 24, the stock has climbed 310% to date.

Trump holds nearly 57% of the shares in Trump Media. According to Forbes, based on Monday's intraday high, these shares represent approximately $5.4 billion. As a prominent "Trump-related stock, DJT has skyrocketed 310% since its September low, showcasing the market's unwavering confidence in Trump's electoral victory.

Other meme stocks associated with Trump also received a boost on Monday: Conservative video network Rumble saw its share price climb 12% at one point during the day. Simultaneously, software company Phunware, which participated in Trump's 2020 campaign, saw its stock price soar by 15% at the opening bell on Monday.

 Trump Trade Is Back: Bitcoin Surges Past $71,000, Trump-Related Stocks Soar 310%

Betting Websites Odds Favor Trump's Victory

While the polls for the 2024 US presidential election remain tight between the two candidates, market sentiment has shifted in favor of Republican candidate Donald Trump in October, reigniting the Trump Trade. The US dollar, Trump-related stocks, and Bitcoin have all seen a surge in recent weeks.

The Trump Trade refers to the market dynamics surrounding a Trump victory. Investors bet that if Trump were to win, he would implement policies such as easing financial regulations, lowering taxes, increasing immigration barriers, and imposing tariffs on imported goods, which would benefit the dollar and drive up inflation. For example, imposing tariffs on imported goods can theoretically reduce the quantity of imported goods, often leading to currency depreciation in exporting countries, thereby boosting the dollar's exchange rate.

According to RealClearPolitics, a leading US polling website, the average poll as of October 28th showed a 0.2 percentage point lead for Trump over Harris, with support rates of 48.6% and 48.4%, respectively. On October 23rd, Harris was still ahead of Trump by 49.1% to 48.5%.

Despite polls showing a close race between Trump and Harris, major betting websites' odds favor Trump's victory next month. As of now, Polymarket puts Trump's chances of winning the US election at 66.3%, while Harris's chances are at 33.8%.

(The above content is based on information from Securities Times, Cailian Press, Jiemian News, etc.)

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Keywords: Trump Trade, Bitcoin, Cryptocurrency, Trump-related Stocks, US Election, Betting Odds, Polls, Market Sentiment.

Related Topics:

 Trump Trade Is Back: Bitcoin Surges Past $71,000, Trump-Related Stocks Soar 310%

  • Impact of Trump's policies on cryptocurrency
  • Impact of the 2024 US election on the market
  • Investment value of Trump-related stocks
  • Bitcoin price trend analysis
  • Cryptocurrency market regulation

Suggestions:

  • Further analyze the specific mechanisms of the Trump Trade and its impacts on different markets.
  • In-depth analysis of Trump and Harris's policy positions and their impact on the cryptocurrency market.
  • Discuss the discrepancies between betting website odds and polls and the reasons behind them.

 Trump Trade Is Back: Bitcoin Surges Past $71,000, Trump-Related Stocks Soar 310%

  • Analyze the future trend of Trump-related stocks and discuss their investment risks.
  • Outlook on the future development trend of the cryptocurrency market and discussion on its regulatory issues.

Note:

  • The above suggestions are for reference only. Please make your own judgment based on the actual situation.
  • Consult a professional financial advisor before making any investment decisions.
  • Investment involves risks, and caution should be exercised when entering the market.

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