Trump Media moved $344 million in Bitcoin as stock hit low after US midterms

Trump Media & Technology Group, the parent company of Truth Social, reportedly transferred $344 million worth of Bitcoin to Crypto.com as its stock reached an all-time low following the U.S. midterm elections. The transfer involved 4,259 BTC and occurred amid a 24% drop in the company’s share price after the Democrats gained control of Congress. The move has raised concerns about potential financial instability or liquidity issues within Trump Media. The development has attracted attention in the prediction markets, suggesting potential implications for Bitcoin’s price in the short term. Despite the significant transfer, current market odds still reflect confidence in Bitcoin maintaining a high price, with the majority of markets pricing a YES outcome for Bitcoin being above various thresholds on November 6.

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