The post Trump stock crashes 20% and is halted on the market appeared on BitcoinEthereumNews.com.

Shares of Trump Media and Technology Group rallied to a $43.80 high in the early hours of trading on October 31 before suddenly plummeting to $34.82, marking a sharp drop of 20%. Soon after, at 10:04 a.m. ET trading was halted — the second time this has happened to Trump Media stock in October, following a similar incident on October 15. This latest development has brought DJT stock price losses up to 34.73% within two days, although shares are still up 102.52% on a year-to-date (YTD) basis. DJT stock price daily chart. Source: Finbold Election uncertainty surrounds DJT stock — are traders taking profits? The DJT stock price freefall comes just days before the 2024 presidential election is set to take place. As is extensively covered, the race is an incredibly close one — with major pollsters, FiveThirtyEight, and Nate Silver’s model projecting even odds of success for former President Donald Trump and incumbent Vice President Kamala Harris. It should be noted that the latest polling data from previous weeks suggests that, at least in key swing states, the momentum has shifted in the billionaire’s favor. The performance of DJT shares is chiefly driven by the perception of how likely a repeat Trump presidency is. Several events could have served as bearish catalysts. In terms of media coverage, the clear contrast between Harris’ closing argument speech at the Ellipse in Washington, which saw some 75,000 people in attendance, and the Republican candidate’s comparatively lackluster rally in Georgia is a strong contender. There are, however, different explanations — after the wild volatility DJT stock has experienced leading up to the election, traders could simply be engaging in profit-taking — cashing in on what is essentially a meme stock, as DJT’s current high valuation is unlikely to hold, even in the case…

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Filed under: News - @ October 31, 2024 4:20 pm