Bitcoin Climbs to $111K as Crypto Whipsaw Persists Amid CZ Pardon
Crypto markets swung higher on Thursday, supported by gains in U.S. stocks, the presidential pardon of Binance founder Changpeng Zhao (CZ), and anticipation of Friday’s September CPI report.
By mid-afternoon U.S. trading, Bitcoin (BTC) traded around $110,700, up 2.7% over 24 hours, slightly below a day high of $111,100. The move follows Wednesday’s dip below $107,000, which came after Tuesday’s surge toward $114,000, exemplifying a whipsaw pattern that has caught trend traders off guard.
Other major cryptocurrencies advanced as well: Ether (ETH) rose to $3,883.66, DOGE to $0.1948, and ADA to $0.6446, all gaining 2%-3%. Solana (SOL) and BNB led with more than 5% gains, with BNB boosted by CZ’s pardon.
Crypto-related equities rebounded after Wednesday’s losses. Hut 8 (HUT) jumped 7.3%, while Coinbase (COIN) and MicroStrategy (MSTR) rose about 2%.
The pardon signals a continuing crypto-friendly regulatory outlook, bolstering market sentiment alongside stock gains, with the Nasdaq up 1% ahead of the close. Traders are now focused on Friday’s CPI release, the final key data before the Federal Reserve’s next rate decision, where markets anticipate a 25-basis-point cut, with another expected in December.
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