Cryptocurrency markets surged on Thursday, mirroring strong gains in U.S. equities after President Trump issued a presidential pardon to Binance founder Changpeng “CZ” Zhao. The move boosted investor confidence ahead of the U.S. September inflation report, a key indicator for the Federal Reserve’s next interest rate decision.
Bitcoin (BTC) climbed 2.7% in the past 24 hours, trading around $110,700 in mid-afternoon U.S. trading, slightly off its intraday high of $111,100. The rally followed a volatile week marked by sharp price swings — Tuesday’s surge above $114,000 and Wednesday’s pullback below $107,000 — creating what traders call a “whipsaw” pattern.
The broader crypto market followed suit, with Ethereum (ETH) up 2.8% to $3,853, Dogecoin (DOGE) at $0.195, and Cardano (ADA) at $0.643, each gaining between 2% and 3%. Notable outperformers included Solana (SOL) and Binance Coin (BNB), jumping more than 5%. BNB’s rise was driven by renewed optimism around Binance following Zhao’s pardon, signaling a potentially friendlier regulatory stance toward the crypto industry.
Crypto-related equities also rebounded after Wednesday’s slump. Bitcoin miner Hut 8 (HUT) surged 7.3% after plunging 17% the prior session, while Coinbase (COIN) and MicroStrategy (MSTR) each gained about 2%. The overall bullish sentiment aligned with a 1% rise in the Nasdaq as investors regained confidence across risk assets.
Traders now turn their focus to Friday’s Consumer Price Index (CPI) release, which could shape the Federal Reserve’s upcoming monetary policy. With markets widely anticipating a 25-basis-point rate cut at next week’s meeting — and another in December — investors remain optimistic about a supportive environment for digital assets.
