Bitcoin saw a significant drop from its all-time high, falling below $94,000 before bouncing back to around $97,000 on December 6. This decline coincided with a downturn in US stocks, with the Dow falling over 0.5% and the S&P 500 and Nasdaq also closing lower.

The market capitalization of Bitcoin decreased to $1.93 trillion, reflecting the overall market sentiment. The recent price surge, which pushed Bitcoin above $100,000, was attributed to the nomination of Paul Atkins as SEC chair by the President-elect, which was seen as a positive development for cryptocurrency regulations. Since the election, Bitcoin's value has increased by approximately 45%, driven by institutional investments, particularly in bitcoin-backed exchange-traded funds in the US.

According to Geoff Kendrink of StanChart London, institutional investors have acquired around 3% of the total supply of bitcoins that will ever exist by 2024.