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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
““Greatest Bitcoin explanation of all time””
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s endorsement of a Bitcoin explanation could lead to increased interest and volatility in cryptocurrency-related stocks such as Riot Platforms, Inc. and Coinbase Global, Inc., as investors may anticipate a surge in Bitcoin’s popularity and value. This could also impact Strategy Incorporated, which might see fluctuations based on its cryptocurrency holdings or strategies. Additionally, the Financial Select Sector SPDR Fund and Technology Select Sector SPDR Fund could experience indirect effects as companies within these sectors may have exposure to or investments in cryptocurrency technologies.
Here are some of the stocks that might be affected:
Riot Platforms, Inc. ((RIOT)),
Strategy Incorporated ((MSTR)),
Financial Select Sector SPDR Fund ((XLF)),
Technology Select Sector SPDR Fund ((XLK)),
Coinbase Global, Inc. ((COIN)).