en|en|#BTC94KShowdownBobby Zagotta, chief executive of Bitstamp U.S said

“The positions that institutions take are usually more research-based and may have a slightly longer time frame of reference,” he said.

Since his election win, Trump has also helped give the wider crypto market a boost. Investors have become increasingly optimistic that Trump’s return to the White House in January will bring legitimacy to the digital asset. On the campaign trail, Trump vowed to set up a national Bitcoin reserve and accepted donations in a range of cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana.

In September, Trump launched a new cryptocurrency venture, World Liberty Financial, in partnership with longtime business associates. The venture is seen as a strategic step to capitalize on his growing influence in the digital asset industry.

And Trump’s involvement with the crypto industry could continue to deepen. The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Trump Media — the company behind Trump’s social media platform Truth Social — is nearing a deal to acquire cryptocurrency trading platform Bakkt (ICE).