Bitcoin Hits $90k as Texas Adoption Boosts Sentiment
Bitcoin (BTCUSD) hit the $90k range in the latest crypto rally spurred by improved investors’ sentiment following Texas’s adoption of the world’s largest crypto assets.
Fuelled by demand, the largest digital asset gained 2.70% in the last 24 hours to $90,170 as trading volume printed at $63.440 billion on the day. Trading volume is down by 3.2%.
The token is trading positively following improved sentiment after Texas purchased spot Exchange Trade Fund (ETF). Texas purchased Bitcoin through BlackRock’s spot ETF, bypassing direct custody.
This, according to a slew of crypto analysts reflects growing state-level comfort with regulated crypto exposure, aligning Bitcoin with traditional portfolio strategies.
The move underscores Bitcoin’s role as a macro asset, though retail investors may pivot to infrastructure plays like Bitcoin Hyper, a Layer 2 solution integrating Solana’s SVM for DeFi scalability.
Recall that Texas state Senator Charles Schwertner said in October that Ethereum may be next if its market cap can reach and maintain $500 billion. If Ethereum maintains that level for over 24 months, adding it to the crypto reserve would be reasonable and prudent.
The fresh positive price movement has lifted the market value of BTC to $1.79 trillion, according to data obtained from CoinMarketCap.com on Wednesday.
With the positioning, Bitcoin and other altcoins have lifted the crypto market cap above $3 trillion. It had fallen below the market during heavy seller market conditions.
According to trading data, the crypto market rose 2.46% in the past 24 hours, recovering slightly after a 30-day decline of 18.12%. The crypto market rebounded from oversold conditions (RSI14 at 31.89) near critical Fibonacci support at $3.09 trillion capitalisation.
However, Bitcoin liquidations spiked 288% in 24 hours, with $10.66 million in longs wiped out. Supporting positive expectations, Kevin Hassett, a Coinbase advisor and advocate for immediate rate cuts, emerged as the frontrunner to replace Jerome Powell as Fed Chair.
Crypto market analysts interpreted this as a potential catalyst for looser monetary policy, which historically benefits risk assets like crypto. Analysts think that Haslett’s nomination could accelerate rate cuts in 2026, reducing pressure on crypto correlation with tech stocks.
Meanwhile, the market anticipates that Bitcoin price movement may be short-lived due to possible institutional selloffs relating to 21Shares as the venue for migrating Bitcoin custody, moving its ETP assets to Standard Chartered. Conoil to Pay Shareholders N3.5 Final Dividend in Dec.
