Bitcoin’s price surged sharply, reaching a new high of $94,640 today, reflecting an increase of over four percent in the past 24 hours. The 24-hour trading volume climbed to $46 billion, marking the highest level in seven days. Currently, approximately 19.96 million bitcoins are in circulation out of a total possible supply of 21 million. The market capitalization hit a record $1.86 trillion. Market enthusiasm around Bitcoin is strong, fueled in part by the recent Bitcoin Mina conference in Abu Dhabi, where prominent banking and industry leaders discussed its future. Additionally, Jack Mallers’ company, Strike, rang the opening bell at the New York Stock Exchange, becoming the third largest publicly traded company holding about 43,500 bitcoins.
Interest in Bitcoin is also growing within the U.S. banking sector. PNC Bank has become the first major U.S. bank to offer its private banking clients direct spot Bitcoin trading, utilizing Coinbase’s crypto-as-a-service infrastructure. This enables clients to buy and sell Bitcoin without using an external cryptocurrency exchange. Similarly, Bank of America has advised its wealth management clients to allocate 1 to 4 percent of their portfolios to digital assets, marking a significant strategic shift toward Bitcoin.
Economic experts predict potential price stability for Bitcoin based on current economic indicators. Cathie Wood, CEO of Ark Invest, stated that Bitcoin’s four-year cycle may be changing and that the market has likely passed its bottom. Furthermore, a possible Federal Reserve interest rate cut and productivity gains driven by artificial intelligence could help stocks and other risk assets perform better. These combined factors have accelerated Bitcoin’s price increase, while growing adoption by the banking sector may further strengthen its position.
Source: bitcoinmagazine
