Weeks after the US presidential election, the crypto market is still buzzing with anticipation, especially after word broke that the Trump Media & Technology Group was looking to acquire crypto company Bakkt.
Almost immediately, both companies skyrocketed, with DJT up more than 16% and Bakkt stock up 162% on the Nasdaq.
According to many analysts, Trump's victory in December comes as his positive stance on cryptocurrencies promises to attract more investors and create new opportunities in the market. They say it has the potential to trigger a strong bull market.
Let the game begin
With these positive market trends, many other sectors, especially online casinos, have soared as well, with over 400 million active players making big bucks. If you've ever played poker or blackjack, you know what I'm talking about.
As the peak gaming season approaches, industry analyst Michael Groh has reviewed all the staking alternatives that offer increased security, better games, and bigger bonuses.
To be honest, there are much better options than staking at the moment.
These sites have been carefully selected to offer more free spins, no deposit matches and cashback offers while maintaining cryptocurrency rewards and all major tournaments.
return to office
There are interesting political connections here. Kelly Loeffler, who previously served as CEO of Bakkt, is now co-chair of President Trump's inaugural committee.
Loeffler left Bakkt in 2019 when Georgia Gov. Brian Kemp appointed her to fill Johnny Isakson's vacant Senate seat. She then lost to Democratic Sen. Raphael Warnock in a special election runoff.
different business models
Trump Media had a pretty spectacular mismatch in performance and market valuation at the beginning of the year. Despite minimal sales of $2.6 million and net loss of $363 million, the company maintains a market capitalization of $7 billion and has $673 million in cash. That's the way the market works today.
Meanwhile, Bakkt, founded in 2018 by NYSE parent company Intercontinental Exchange, provides technology services to cryptocurrency investors. The Georgia-based company's latest quarterly report showed revenue of $328.4 million and operating loss of $27.4 million, which is a 48% improvement over last year. Masu.
Challenges along the way
In its recently released quarterly results, Buck acknowledged that the company “may not be able to continue as a going concern.” While the company believes it has enough cash to operate the business over the next 12 months, management warned that “if conditions worsen” shareholders could “lose most or all of their investments”.
To make matters worse, Bakkt received a warning from the New York Stock Exchange in March that it could be delisted after its stock traded below the $1 minimum threshold for more than 30 consecutive business days. Ta.
President Trump’s interest in virtual currencies continues to grow
Trump’s potential acquisition signals his growing interest in cryptocurrencies and is a new ray of hope for investors. Just weeks before the November presidential election, he promoted a new cryptocurrency venture, World Liberty Financial, in which he and his family would receive 75% of the coin's net proceeds.
These are all great calls to action for experienced investors, and if the market maintains its current momentum, we may be at the beginning of a new crypto era.
