Trump Media & Technology Group shares climb as the Republican National Convention kicks off in Milwaukee

Market speculation over former President Donald Trump's election chances following an attempted assassination drove up the price of bitcoin and several

Trump Media shares climbed more than 31% on Monday after former President Donald Trump arrived in Milwaukee for the Republican National Convention following the shooting at a political rally on Saturday that left one person dead and two injured.

The operator of the social-media platform Truth Social saw its stock price end the session up 31.4%. Some betting markets have predicted that Trump's election chances are higher following the attempt on his life.

Trump, who owns a 65% majority stake in the company, said in a post on Truth Social on Sunday that he would be heading to the Republican National Convention early despite being shot in the right ear at a rally in Butler, Pa., on Saturday.

"Based on yesterday's terrible events, I was going to delay my trip to Wisconsin, and the Republican National Convention, by two days, but have just decided that I cannot allow a 'shooter,' or potential assassin, to force change to scheduling, or anything else," Trump wrote.

On Monday, the federal classified-documents case against Trump in Florida was dismissed by U.S. District Judge Aileen Cannon, a 2020 Trump appointee, who said the appointment of special counsel Jack Smith was unconstitutional.

Shares of the Truth Social parent company had run up 131.9% to date in 2024, while the S&P 500 index had advanced 18.1%.

Elsewhere, shares of Tesla rose 1.8%. Elon Musk, the CEO of the electric-vehicle maker (TSLA), space-exploration company SpaceX and the owner of the social-media platform X, an ostensible rival to Truth Social, said in a post on X following the shooting that he has fully endorsed Trump's candidacy for president.

Other sectors were also moving following the weekend's events.

Leading cryptocurrencies and related stocks continued their climb Monday after surging in the wake of the attack on Trump, possibly in reaction to a potential Republican victory in the November presidential election and a more unstable political environment.

Bitcoin (BTCUSD) rose 0.5% and was trading at $63,785 late Monday after topping $60,000 Sunday for the first time since mid-June. Ethereum (ETHUSD), which surged earlier on Monday, was recently down 0.4%. Solana (SOLUSD) was up 0.5%.

Alexander Blume, chief executive and co-founder of Two Prime, an investment adviser focusing on digital assets, said that market structure dictates price action, and news events can act as a catalyst. "With the prior week's drawdowns due to short-term German selling, [bitcoin] was likely poised for a rebound either way," he said in a statement. "That being said, Trump's pro-bitcoin stance and his increasingly rosy odds of being elected, with the assassination attempt bolstering this further, does seem to be a meaningful catalyst moving price upwards."

Blume added: "We are at a critical price level at present around [$63,000]. We will need to see sustained demand for the breakout to continue. End-of-month statements from Trump at BTC Nashville alongside other bullish news coming from this event may help to further move the price upwards."

The Bitcoin 2024 event kicks off in Nashville on July 25 and runs through July 27. Trump - who as recently as 2019 characterized bitcoin as a scam - is the headline speaker. Other speakers include independent presidential candidate Robert F. Kennedy Jr.; Cathie Wood, founder and CEO of ARK Investment Management; comedian Russell Brand; and former National Security Agency contractor and whistleblower Edward Snowden.

"We are happy to report that Donald Trump is committed to delivering his speech in-person at Bitcoin 2024," wrote the Bitcoin Conference on X Sunday. "We are proud to host him and to share the solidarity of the global Bitcoin community and our universal commitment to free speech and peaceful democracy."

Crypto exchange Coinbase Global Inc. (COIN) ended Monday's session up 11.4%, while MicroStrategy Inc. (MSTR), one of the largest publicly traded holders of bitcoin, rose 15.4%. Spot bitcoin exchange-traded funds were also climbing, with BlackRock's iShares Bitcoin Trust IBIT up 10.1%, Grayscale Bitcoin Trust GBTC rising 10.1%, the ARK 21Shares Bitcoin ETF ARKB 10.1% higher and the VanEck Bitcoin Trust HODL up 10.1%.

Some bitcoin miners were also rising. Marathon Digital Holdings Inc. (MARA) rose 18.3%, while Ebang International Holdings Inc. (EBON) gained 0.

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