BAKKT Price Surges 280% on DJT Takeover Talk

Bakkt price surged massively yesterday, increasing from around $11 to nearly $30 on talks of a Trump Media purchase, where it closed the day.

Bakkt has been on a downtrend since the crypto pump and dump in 2021, with moving averages acting as resistance on the daily chart and pushing the highs lower. However, the surge yesterday set the Bakkt price surging almost 3 times higher, breaking the 200 SMA and also ending the downtrend of the last three years.

Bakkt Was on A Bearish trend Since 2021

Bakkt saw a surge until 2021 after being developed by Intercontinental Exchange (ICE) to gain traction in the digital currency industry and raise awareness of cryptocurrencies. In  2021, Bakkt went public and partnered with Mastercard to offer cryptocurrency-based loyalty benefits for Mastercard customers but the crypto crash came in November and Bakkt has been trending lower since then. Despite efforts to focus on scalable business-to-business technology, the platform has struggled to grow and did not capitalize on this year’s cryptocurrency boom, which saw Bitcoin approach $100,000.

Recent Developments and Bakkt Price Action

Speculation regarding a potential acquisition of Bakkt by Trump Media has significantly impacted its stock price. According to the Financial Times, Trump Media, which is majority-owned by Donald Trump, is reportedly in “advanced talks” to purchase Bakkt. Following these reports, shares of both Bakkt and Trump Media surged, with gains holding through the end of the U.S. trading session.

Trump Media Chart Daily – Bouncing Off MAs

ICE and Bakkt’s Response

ICE declined to comment on the report, and Bakkt has not issued any statements. However, the speculation gains credibility due to Kelly Loeffler’s past association with both companies—she served as Bakkt’s CEO and co-chaired Trump’s inauguration committee.

This potential deal highlights renewed interest in Bakkt amidst a turbulent period for the digital currency sector.