Crypto and meme stock boosters aren’t doing ‘Trump trades’ — they’re just doing trades
CNN
The bitcoin bulls and meme stock traders are fired up about the prospect of another Donald Trump White House. Or at least, the prospect of doing some momentum trading over the next 18 days.
The bitcoin bulls and meme stock traders are fired up about the prospect of another Donald Trump White House. Or at least, the prospect of doing some momentum trading over the next 18 days. Here’s the deal: Bitcoin, the world’s biggest cryptocurrency, surged briefly to a three-month high above $68,000 on Wednesday — driven by a mix of signals, including the former president’s statement on X that “crypto is the future” as well as Vice President Kamala Harris’ nod Monday to regulatory support for digital assets. At the same time, shares of Trump Media were bouncing back from Tuesday’s mysterious 10% drop and resuming their meme-stock-esque tendency to rise without any fundamental reason to do so. The stock finished Wednesday up more than 15%. What do the two assets, a digital currency and a media stock, have in common? Not much, usually. But in recent weeks, they’ve both seemingly moved on traders’ perceptions of Trump’s reelection odds. To be clear: These traders don’t have a crystal ball — they’re just gambling, with varying degrees of sophistication, on highly volatile assets.
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