- The crypto market climbed, with Bitcoin rising 2.7% to above $110,700.
- The rally was fueled by a presidential pardon of Binance founder “CZ”.
- Changpeng Zhao’s pardon sent BNB’s price surging more than 5%.
The cryptocurrency market was firmly in rally mode on Thursday as Bitcoin pushed back toward $111,000 in a sharp upswing driven by significant gains on U.S. stock markets and a surprise presidential pardon for the founder of crypto exchange Binance, Changpeng “CZ” Zhao.
The broad-based rally marked another day of rapid back-and-forth price moves in a market that has been defined by extreme volatility in recent weeks.
A presidential pardon sparks a relief rally
The primary catalyst for the improved market tone was the unexpected announcement that President Trump had pardoned the founder of Binance.
The move, which signals a potentially more favorable regulatory environment for the U.S. crypto industry, had an immediate and pronounced impact.
BNB, the native token of the Binance ecosystem, jumped more than 5% on the news.
The optimistic mood spread across the wider crypto sector, with Bitcoin up 2.7% over the past 24 hours to $110,700. Other major tokens such as Ether, DOGE and ADA also rose, each gaining roughly 2–3%.
Crypto-related stocks, which had suffered heavy losses during Wednesday’s sell-off, also staged a strong recovery. Bitcoin miner Hut 8, for example, climbed 7.3% after tumbling 17% in the previous session.
A classic whipsaw pattern persists
The sharp rebound came just a day after a steep sell-off that pushed Bitcoin below $107,000.
That pullback followed a rapid advance on Tuesday that had driven the leading cryptocurrency as high as $114,000.
This volatile back-and-forth action typifies a classic whipsaw pattern—market behavior that often punishes traders who chase the short-term trend.
All eyes on a decisive inflation reading
With the pardon now digested, attention turns to the next major potential catalyst: the U.S. consumer price index (CPI) for September, which is still scheduled for release Friday morning despite the ongoing government shutdown.
That report is likely the last key piece of economic data the Federal Reserve will assess before its critical policy meeting next week.
Markets currently fully price in a 25 basis-point rate cut at that meeting, with another quarter-point reduction expected by the December meeting. The CPI print will be the final and most important test of that outlook.
Traders and investors will watch the inflation data closely for clues about the Fed’s path and whether the recent rally in risk assets can sustain itself amid ongoing macroeconomic uncertainty.