Bitcoin Surpasses $73,000, Trump SNS Surges... Market Embraces 'Trump Trade'

With the U.S. presidential election just a week away on the 5th of next month, the price of Bitcoin, the leading cryptocurrency favored by former President Donald Trump, the Republican candidate, is rising. The stock price of 'Trump Media and Technology (DJT)', a social media-related company owned by former President Trump, also surged. The market is betting on the possibility of Trump's victory, spreading the so-called 'Trump trade.'

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According to the U.S. cryptocurrency exchange Coinbase on the 29th (local time), the price of Bitcoin is currently around $72,300, up 3.8% from the previous trading day, and at one point on the day, it surged to $73,600. This is the first time in seven and a half months since March, when Bitcoin hit its all-time high, that it has surpassed $73,000. Other cryptocurrencies such as Ethereum and Solana rose 4.11% and 1.1%, respectively.

The surge in Bitcoin and other cryptocurrencies is due to the market's anticipation of former President Trump's possible election victory. Previously, he had announced plans to dismiss Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), who holds a negative stance on virtual assets. According to a survey conducted by Bloomberg Market Live Pulse of 350 investors and economists the day before, Bitcoin prices are expected to surpass $80,000 by the end of the year if Trump wins the presidency. Conversely, if Democratic candidate Vice President Harris wins, Bitcoin prices are expected to fall to around $65,000 by year-end. Some also expect that regardless of who occupies the White House, the next administration will benefit cryptocurrencies, as Vice President Harris has also expressed intentions to establish regulations for the crypto industry.

The stock price of DJT also surged. DJT, the operator of the social media platform Truth Social, in which former President Trump owns more than half of the shares, rose 8.76% on the day. Following a sharp 21.59% increase the previous day, the stock price jumped significantly again. As buying surged on expectations of Trump's high chances of winning, trading volume exploded and volatility increased, leading to multiple trading halts shortly after the market opened.

Ken Griffin, CEO of hedge fund Citadel, also predicted Trump's victory the day before. At a panel discussion on the U.S. presidential election outlook held at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, Griffin said, "The current outlook is that Trump will enter the White House. The market is always forward-looking. Trump has a chance to win the election race, but it is like a coin toss."