Bitcoin Magazine

Bitcoin Price Skyrockets to $94,000 as Banks Start to Embrace Bitcoin  

The bitcoin price is currently pumping and hit highs of $94,640 today, climbing over 4% in the last 24 hours. Bitcoin’s 24-hour trading volume reached $46 billion. It stands at its seven-day high.

The total circulating supply of Bitcoin is 19,959,806 BTC, with a maximum supply of 21 million. Today’s market capitalization is roughly $1.86 trillion, reflecting the 4% daily gain.

The broader bitcoin space is experiencing some momentum. The Bitcoin MENA conference in Abu Dhabi just wrapped up, full of bank leaders and industry thought leaders sharing their thoughts on Bitcoin’s future. 

Earlier today, Jack Mallers’ Bitcoin company, Strike, and Twenty One rang the opening bell at the New York Stock Exchange. The company holds over 43,500 BTC — around $4 billion — making it the world’s third-largest publicly listed Bitcoin holder. 

Majority-owned by Tether Investments and Bitfinex, with SoftBank as a significant minority investor, the company blends a Bitcoin treasury strategy with operational Bitcoin-focused financial services under CEO Jack Mallers.

Investors are also paying close attention to macroeconomic signals. Ark Invest CEO Cathie Wood said that the Bitcoin price’s four-year cycle may shift. She suggested the market may have already seen its lows.

Neuberger CIO Shannon Saccocia also noted that expected Federal Reserve rate cuts and gains in AI-driven productivity could lift equities and other risk assets. Stocks often perform well when the economy avoids recession and the Fed is easing.

JUST IN: Bitcoin pumps to $94,000! pic.twitter.com/ek3C26RhSu

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

Bitcoin price rally

Bitcoin price’s recent rally comes amid growing adoption and institutional interest. Large players are integrating Bitcoin into payments and financial products.

For example, earlier today, PNC Bank became the first major U.S. bank to offer direct spot bitcoin trading to eligible Private Bank clients through its digital platform, using Coinbase’s Crypto-as-a-Service infrastructure. 

The service allows qualified clients to buy, hold, and sell bitcoin without relying on external cryptocurrency exchanges. 

Coinbase provides the trading, custody, and settlement infrastructure, while PNC retains the direct client relationship and regulatory oversight.

The launch follows a strategic partnership announced in July and reflects a growing trend among U.S. banks to integrate bitcoin into wealth management services.

Also last week, the Bank of America urged its wealth management clients to allocate 1% to 4% of their portfolios to digital assets, signaling a major shift in its approach to Bitcoin exposure. The move allowed over 15,000 advisers across Merrill, Bank of America Private Bank, and Merrill Edge to proactively recommend crypto to clients.

At the time of writing, the bitcoin price is $94, 061.

This post Bitcoin Price Skyrockets to $94,000 as Banks Start to Embrace Bitcoin   first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

PNC Becomes First Major U.S. Bank to Offer Direct Bitcoin Trading to Clients via Coinbase

PNC Bank has launched direct spot bitcoin trading for eligible PNC Private Bank clients, becoming the first major U.S. bank to offer native bitcoin access directly through its own digital banking platform.

The new service allows qualified private banking clients to buy, hold, and sell bitcoin without using an external cryptocurrency exchange. 

The offering is powered by Coinbase’s Crypto-as-a-Service (CaaS) infrastructure, which provides trading, custody, and settlement capabilities embedded directly within PNC’s Private Bank Online platform via its Portfolio View interface.

The launch follows a strategic partnership between the bank and Coinbase announced in July and marks one of the clearest steps yet by a major U.S. bank toward integrating spot bitcoin trading into core wealth management services. 

JUST IN: $400 billion PNC Private Bank partners with Coinbase to launch #Bitcoin trading.

The first major U.S. banks to market with such an offering pic.twitter.com/K5XtBHphr6

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

Bitcoin allocation to wealthy PNC clients

Last week, Bank of America began allowing its 15,000 wealth management advisers to recommend a 1%–4% allocation to crypto for clients, signaling a broader Wall Street shift toward mainstream Bitcoin exposure. 

The guidance, effective next year, focuses on regulated bitcoin ETFs from Bitwise, Fidelity, Grayscale, and BlackRock, with the bank emphasizing a measured approach and clear expectations around volatility.

Similarly, PNC Private Bank serves high- and ultra-high-net-worth individuals and family offices across more than 100 offices nationwide.

“As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives,” said Chairman and CEO William Demchak. 

He added that the collaboration enables clients to access bitcoin trading “in a controlled and familiar environment” consistent with the bank’s regulatory and risk standards.

Under the arrangement, Coinbase provides the institutional-grade infrastructure that powers execution and custody, while the bank retains the direct client relationship. 

Coinbase Institutional co-CEO Brett Tejpaul said the partnership demonstrates how traditional financial institutions and crypto-native companies can work together to expand access to digital assets safely and compliantly, according to Bloomberg reporting.

Tejpaul likened Coinbase’s role to that of cloud providers such as Amazon Web Services, supplying the underlying technology while banks focus on client services.

The service is currently limited to PNC’s private bank clients, whose bitcoin purchases can be funded through their existing PNC investment management and checking accounts. 

PNC executives said the rollout represents an early phase of a broader digital asset strategy.

PNC has previously offered clients indirect exposure to bitcoin and ether through ETFs, but this marks the bank’s first move into direct spot trading.  According to PNC, the bank plans to expand access to additional client segments, including institutional investors such as nonprofits, endowments, and foundations, in future phases.

This post PNC Becomes First Major U.S. Bank to Offer Direct Bitcoin Trading to Clients via Coinbase first appeared on Bitcoin Magazine and is written by Micah Zimmerman.