The last two days a picked up on an interesting trend. To understand fully what occurred though it is important that you know that last night Former President Donald Trump announced to the world he was merging with a SPAC to create a new media company. One where he would not be banned and would be able to voice his opinions on things something he currently is not able to do due to being banned on pretty much all platforms.
Up until 9:30 AM EST yesterday morning Bitcoin and crypto overall where moving sideways but then once the market opened Bitcoin rapidly fell along with the crypto market overall. This pullback has continued since then and interestingly the SPAC that merged with Trump's new media company at one point was up over 900%.
Two days ago this stock was right at $10 a share and during the trading hours today, it managed to hit over $150. Now this company has not produced any financials yet rather it was solely on the announcement that this took place. There is an important underlying reason why I feel this stock and the crypto market could be connected. Your retail investors and the splashy headlines would have caught the attention of those who day trade and those who use Reddit to see what stock is hot or not.
I believe that people moved their money out of crypto on platforms like Robinhood and flooded the SPAC. Driving the price up and causing people to further invest and invest. Yesterday alone it went from $10 to $92 and then today blew up to over $150..... Just absolutely crazy gains for anyone that for whatever reason bought the stock earlier or even at the beginning of the run. People also probably took profits with Bitcoin hitting a new ATH so it is not surprising to see a pullback here.
This weekend and next week will either confirm or deny what I feel occurred as I need more days to watch the stock trade against crypto. Please know I am not a financial advisor I am just someone who picked up on a trend and wanted to express it! Makes sure you always do your own research and never invest money you cannot afford to lose! If you enjoyed this article and would like to further support me below are a couple of referral links that if you used when signing up I would appreciate it!
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