- The crypto market is rallying, with Bitcoin climbing 2.7 percent to over $110,700.
- The rally was fueled by a presidential pardon for the Binance founder “CZ.”
- The pardon for Changpeng Zhao sent the price of BNB soaring by over 5 percent.
The cryptocurrency market surged on Thursday as Bitcoin rallied toward $111,000 in a sharp rebound. The move was driven by strong gains in U.S. stocks and a surprising presidential pardon for Binance founder Changpeng “CZ” Zhao.
This broad-based upswing continued a stretch of intense volatility that has produced rapid swings in price over recent weeks.
A presidential pardon sparks a relief rally
The main catalyst behind the market’s improved tone was the unexpected announcement of President Trump’s pardon for the Binance founder.
The decision suggested a friendlier regulatory outlook for the cryptocurrency industry in the United States and had an immediate, noticeable effect on sentiment.
BNB, the native token of the Binance ecosystem, jumped more than 5 percent following the news.
That optimism spread across the market: Bitcoin rose about 2.7 percent over 24 hours to roughly $110,700, while other major tokens including Ether, Dogecoin and Cardano posted gains in the 2–3 percent range.
Crypto-related equities, which slid sharply during Wednesday’s sell-off, also recovered. Bitcoin miner Hut 8, for example, climbed 7.3 percent after falling 17 percent in the previous session.
A classic whipsaw pattern continues
Thursday’s rebound followed a steep drop that had pushed Bitcoin below $107,000 just a day earlier.
That decline itself came after a sharp rally on Tuesday that lifted the leading cryptocurrency as high as $114,000.
Such back-and-forth movement is a textbook whipsaw pattern, a volatile condition that can punish traders who chase short-term trends.
All eyes on a pivotal inflation report
With the pardon now priced in, attention is shifting to the next major potential market driver: the U.S. Consumer Price Index for September, scheduled for release Friday morning despite the ongoing government shutdown.
The CPI reading will likely be the last significant piece of economic data the Federal Reserve evaluates before its upcoming rate-setting meeting.
Markets are pricing in a 25-basis-point rate cut at that meeting, with another quarter-point reduction expected at the Fed’s final session in December.
The CPI report will be the key test of that outlook and could determine whether those expectations hold.