Bitcoin Surpasses $94,000 Milestone — Exhibiting Decreasing Volatility

Bitcoin surged past $94,000 for the first time on the heels of news that the media firm associated with President-elect

Donald Trump
might be on the verge of acquiring

a cryptocurrency exchange.

As of Wednesday morning, the prominent digital currency was trading around $94,500, elevating its total market value to an unprecedented $1.87 trillion, as per data from CoinMarketCap.

The current uptrend has escalated Bitcoin’s worth by 37% within a span of a month, and this growth trajectory might be maintained as the asset displays reduced volatility. This stability is largely attributed to the

entrance of institutional investors

into the Bitcoin sphere lately, as noted by Bobby Zagotta, the CEO of Bitstamp USA, in a conversation with MarketWatch.

“Institutional positions tend to be grounded in thorough research and are inclined towards a longer-term outlook,” he remarked.

Post his electoral victory, Trump has also contributed to

propelling the broader crypto ecosystem
.
The investor sentiment has been buoyed by the optimism that Trump’s expected return to office in January would lend credibility to cryptocurrencies. While campaigning, Trump pledged to establish a national Bitcoin reserve and accepted contributions in various digital currencies,

including laudable names like Bitcoin, Ether, Dogecoin, and Solana
.

In September, Trump initiated a cryptocurrency endeavor,

named World Liberty Financial
,
in alliance with seasoned business associates, marking a strategic move to leverage his escalating clout in the realm of digital assets.

Furthermore, Trump’s interactions with the cryptocurrency sector are anticipated to intensify. Based on confidential informants, The Financial Times suggested on Tuesday that Trump Media, the firm responsible for the social networking service Truth Social, is approaching an agreement to purchase the cryptocurrency trading platform Bakkt (

ICE
).

Bakkt is headquartered in Alpharetta, Georgia, and was conceived by the Intercontinental Exchange which possesses a 55% stake in the venture. ICE is also at the helm of the New York Stock Exchange and boasts a market valuation of $398.74 million.

As mentioned in its

earnings report for Q3
,
Trump Media disclosed a loss of $19.2 million over the three-month period ending September 30, with its revenues declining by 5.6% to merely $1.01 million compared to the same period in the previous year.

— Contribution to this article by Vinamrata Chaturvedi.

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