- The cryptocurrency market is rising, with Bitcoin climbing 2.7% to over $110,700.
- The rally was driven by a presidential pardon for Binance founder “CZ”.
- Changpeng Zhao’s pardon sent the price of BNB soaring more than 5%.
The cryptocurrency market was in full-on rally mode Thursday, with Bitcoin pushing back toward $111,000 in a powerful rebound. The move was fueled by significant gains on U.S. equity markets and the surprising presidential pardon of Binance founder Changpeng “CZ” Zhao, which energized investor sentiment across the sector.
The broad rally marked another day of sharp price action in a market that has been defined by extreme volatility in recent weeks.
Presidential Pardon Sparks Market Rally
The main catalyst for the improved tone was the unexpected announcement that President Trump pardoned the Binance founder. The decision suggested a potentially more favorable regulatory environment for the crypto industry in the United States and produced an immediate, powerful market response.
BNB, the native token of the Binance ecosystem, jumped more than 5% on the news.
Positive sentiment spread across the broader crypto sector. Bitcoin rose about 2.7% over the past 24 hours to roughly $110,700, while other major tokens such as Ether, DOGE and ADA logged gains in the 2–3% range.
Crypto-linked stocks that had suffered significant losses in Wednesday’s sell-off also staged strong recoveries. Bitcoin miner Hut 8, for example, rebounded 7.3% after tumbling 17% in the prior session.
The Classic Whipsaw Pattern Continues
The powerful rebound came just a day after a sharp sell-off that pushed Bitcoin below $107,000. That decline followed an aggressive rally on Tuesday that sent the top cryptocurrency as high as $114,000.
This back-and-forth, highly volatile action represents a classic whipsaw pattern—a market condition that often punishes traders who chase the trend without sufficient caution.
All Eyes on Key Inflation Report
With the pardon digested, market attention now turns to another potentially pivotal catalyst: the U.S. government’s September Consumer Price Index (CPI) report, scheduled for release Friday morning despite the ongoing government shutdown.
The CPI will likely be the last major economic data point the Federal Reserve sees before its crucial interest-rate decision next week. Markets are currently pricing in a 25-basis-point rate cut at that meeting, with an additional quarter-point cut expected at the final policy meeting of the year in December.
The CPI report will serve as the decisive test of that expectation and could have a significant impact on risk assets, including cryptocurrencies, depending on whether inflation comes in hotter or cooler than projected.