Bitcoin’s price has surged dramatically, reaching a peak of $94,640 today and demonstrating a robust increase of over 4% in the past 24 hours. This uptrend has attracted considerable trading activity, with 24-hour trading volumes soaring to $46 billion. Currently, Bitcoin’s market capitalization stands at approximately $1.86 trillion, reflecting its significant daily gain. The cryptocurrency also boasts a circulating supply of 19,959,806 BTC against a total maximum supply of 21 million, marking its seven-day high.
The bullish momentum in the Bitcoin ecosystem is further bolstered by recent events, notably the Bitcoin MENA conference held in Abu Dhabi, which attracted a plethora of bank leaders and industry experts discussing the future trajectory of Bitcoin.
In a notable development, Jack Mallers’ firm, Strike, alongside Twenty One, marked a significant moment by ringing the opening bell at the New York Stock Exchange earlier today. Strike holds approximately 43,500 BTC, valued at around $4 billion, positioning it as the third-largest publicly traded Bitcoin holder globally. The company is majority-owned by Tether Investments and Bitfinex, with SoftBank as a key minority investor. Strike merges a Bitcoin treasury strategy with operational financial services that focus on Bitcoin under the leadership of CEO Jack Mallers.
Investors are also monitoring macroeconomic indicators closely. Cathie Wood, CEO of Ark Invest, has speculated that the Bitcoin price’s four-year cycle might experience a shift, suggesting that the market may have already encountered its lows. Similarly, Shannon Saccocia, Chief Investment Officer at Neuberger, highlighted that anticipated rate cuts from the Federal Reserve alongside advancements in AI-driven productivity could bolster equities and other risk assets. Historically, stocks thrive when the economy sidesteps recession and when the Federal Reserve adopts an easing stance.
The recent rally in Bitcoin’s price is taking place against a backdrop of increased adoption and institutional interest. Major financial entities are beginning to integrate Bitcoin into their operations. For instance, PNC Bank has become the first major U.S. bank to provide direct spot Bitcoin trading to its eligible Private Bank clients via a digital platform, utilizing Coinbase’s Crypto-as-a-Service infrastructure. This initiative allows qualified clients to buy, hold, and sell Bitcoin independently of external exchanges, maintaining a direct customer relationship and adhering to regulatory frameworks.
Additionally, Bank of America recently encouraged its wealth management clients to allocate between 1% and 4% of their portfolios to digital assets, signaling a significant shift in how institutional players approach Bitcoin exposure. This initiative empowers more than 15,000 advisers across various sectors, including Merrill and the Bank of America Private Bank, to actively recommend cryptocurrencies to their clients.
As it stands, Bitcoin’s price is currently recorded at $94,061, as market dynamics continue to unfold.
