Daily Crypto Signals: Crypto Market Surges as Bitcoin Approaches $100,000 Milestone Amid Major Developments

Bitcoin has surpassed $90,000 as Pennsylvania lawmakers consider establishing a state Bitcoin reserve, while major institutional players announce groundbreaking initiatives in the digital asset space.

Pennsylvania Moves to Create State Bitcoin Reserve

Pennsylvania State Representative Mike Cabell has introduced groundbreaking legislation that would allow the state to invest up to 10% of its treasury in Bitcoin. The GOP lawmaker’s bill, introduced November 13, aims to leverage Bitcoin as a hedge against inflation, enabling allocations from the State General Fund, Rainy Day Fund, and State Investment Fund. The initiative, co-sponsored by Rep. Aaron Kaufer and supported by the Satoshi Action Fund, marks a significant step toward institutional crypto adoption at the state level.

Bitcoin Price Surges Past $90,000, Analysts Project $100,000 Target

Bitcoin has continued its remarkable rally, breaking past $90,000 following Donald Trump’s victory in the 2024 U.S. presidential election. The cryptocurrency has posted over 100% gains year-to-date, outperforming traditional financial assets. According to Ryan Lee, chief analyst at Bitget Research, November’s historically strong performance could push Bitcoin beyond $100,000 before month’s end.

However, Crypto.com CEO Kris Marszalek has urged caution, warning that current leverage ratios may need to decrease before Bitcoin can sustainably break the $100,000 barrier. “Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully,” Marszalek stated.

Major Technical and Regulatory Developments

StarkWare CEO Eli Ben Sasson has announced that OP_CAT, a significant Bitcoin network upgrade, is expected to launch within the next 12 months. The upgrade will expand Bitcoin’s scripting capabilities, enabling new functionalities including covenants, ZK-rollups, and layer 2 networks. Notably, this will allow Starknet to become the first layer-2 network to settle natively on both Bitcoin and Ethereum.

In the regulatory sphere, 18 U.S. states have filed a lawsuit against the SEC and Chairman Gary Gensler, alleging “gross government overreach” in crypto regulation. The action comes as President-elect Trump has pledged to replace Gensler with a more crypto-friendly SEC head. Industry data reveals that SEC legal actions have cost crypto firms $426 million in litigation expenses since 2021.

Institutional Adoption Accelerates

Tether has unveiled “Hadron,” a new real-world asset tokenization platform designed for businesses, asset managers, and nation-states. The platform enables the tokenization of various financial instruments, including stocks, bonds, and commodities, while incorporating robust KYC and AML controls. This announcement follows Tether’s recent expansion into energy trading and the launch of a dirham-pegged stablecoin.

In a significant move for mainstream adoption, McDonald’s has partnered with NFT project Doodles for a holiday promotion featuring limited-edition McCafé cups and digital collectibles. The partnership represents a major step for Doodles, which has evolved from an NFT project into a media franchise valued at $704 million.

Meanwhile, in Thailand, SCB 10X has launched the Rubie Wallet, supporting both US dollar and Thai baht stablecoins. The wallet is currently being trialed by foreign visitors at the Devcon event in Bangkok, marking another step forward in the integration of digital assets into traditional financial systems.