Bitcoin breaks through $94,000 for the first time — and it’s getting less volatile

And Trump’s involvement with the crypto sector could continue to strengthen. The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Trump Media– the business behind Trump’s social media system Truth Social– is nearing an offer to get cryptocurrency trading platform Bakkt (ICE +1.62%).

In its third-quarter earnings report earlier this month, Trump Media reported that it lost $19.2 million in the three months ended Sept. 30, with profits falling 5.6% to just $1.01 million from a year earlier.

Based in Alpharetta, Georgia, Bakkt was developed by Intercontinental Exchange, which holds a 55% ownership risk. ICE is additionally the moms and dad business of the New York Stock Exchange. The firm has a market cap of $398.74 million.

The recent rally, which has seen Bitcoin include 37% to its worth in just one month, might be longer lived as the cryptocurrency ends up being much less unstable. That remains in huge component due to the surge of institutional traders participating Bitcoin over the last few years, Bobby Zagotta, president of Bitstamp U.S., informed MarketWatch.

In September, Trump introduced a new cryptocurrency venture, Globe Liberty Financial, in collaboration with longtime service affiliates. The endeavor is seen as a calculated action to capitalize on his expanding impact in the digital possession market.