- The crypto market is on the rise, with Bitcoin climbing 2.7% to above $110,700.
- The rally was fueled by a presidential pardon for Binance founder “CZ”.
- Changpeng Zhao’s pardon sent BNB higher by more than 5%.
The cryptocurrency market turned decisively bullish on Thursday, with Bitcoin pushing back toward $111,000 in a strong rebound driven by sizable gains on U.S. stock markets and a surprising presidential pardon for the founder of Binance, Changpeng “CZ” Zhao.
The broad rally marks another day of sharp price action in a market that has been defined by extreme volatility in recent weeks.
A presidential pardon sparks a relief rally
The main catalyst for the improved market tone was the unexpected news of President Trump’s pardon for the Binance founder.
The move, which suggests a more favorable regulatory environment for the U.S. crypto industry, had an immediate and powerful impact.
BNB, the native token of the Binance ecosystem, jumped more than 5% on the news.
Positive sentiment spread across the wider crypto sector: Bitcoin rose 2.7% over the past 24 hours to around $110,700, while other major tokens such as Ether, DOGE and ADA all posted gains in the 2–3% range.
Crypto-linked stocks, which suffered steep losses during Wednesday’s sell-off, also rebounded strongly. Bitcoin miner Hut 8 climbed 7.3% after falling 17% in the previous session.
A familiar sawtooth pattern persists
The strong rebound arrives just one day after a sudden drop pushed Bitcoin below $107,000.
That decline followed a sharp surge on Tuesday that sent the flagship cryptocurrency up to $114,000.
This back-and-forth volatility is a classic pattern—one that often penalizes traders who try to chase the trend.
All eyes on a key inflation report
With the pardon now absorbed, market attention shifts to the next potential major catalyst: the U.S. Consumer Price Index (CPI) report for September, due Friday morning despite the ongoing government shutdown.
This will likely be the last significant economic data point the Federal Reserve sees before next week’s crucial rate-setting meeting.
Markets currently expect a 25 basis-point cut at that meeting, with another quarter-point reduction priced in for the Fed’s final December session.
The CPI report will serve as the ultimate and most important test of that expectation.