The total market capitalization of cryptocurrencies has risen above $3 trillion as investors remain bullish over the statments of President-elect Donald Trump that he will make the US the center of crypto currency.

According to Turkish news service Anadolu, there are reports that Trump Media and Technology Group is in talks with the cryptocurrency platform Bakkt for its acquisition, which further fueled market excitement.

Trump also had a private meeting with Coinbase CEO Brian Armstrong, and there are speculations that a pro-crypto figure will be nominated for the US Securities and Exchange Commission (SEC).

Meanwhile, Bitcoin ETF options began trading on Tuesday on the Nasdaq, with approximately $2 billion in volume on its first day. Spot Bitcoin ETFs, approved earlier this year, have contributed to the growing institutional interest.

The Crypto Fear and Greed Index, which measures investor sentiment, reached 90 out of 100 on Tuesday, signaling “extreme greed.”

Trump’s crypto-related meetings prove positive for entire ecosystem, Anadolu said.

Bora Erdamar, lecturer of economics at Bahcesehir University in Istanbul, told Anadolu that the main factor behind the rise is that a US president is taking “important and constructive” steps to support the crypto sector.

Erdamar said that Trump supports Bitcoin mining and invited miners to the US, and that the SEC’s cautious approach to cryptocurrencies is expected to change.