Bitcoin Touches $111K as Crypto Whipsaw Continues Amid CZ Pardon
Crypto markets edged higher on Thursday, buoyed by U.S. stock gains, 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 near $110,700, up 2.7% over 24 hours, slightly off the day’s peak of $111,100. The move followed Wednesday’s decline below $107,000, which itself came after Tuesday’s surge toward $114,000—a classic whipsaw pattern that has challenged trend traders.
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 outperformed with over 5% gains, BNB benefiting from CZ’s pardon.
Crypto-related equities bounced too. Hut 8 (HUT) surged 7.3%, while Coinbase (COIN) and MicroStrategy (MSTR) rose roughly 2%.
The CZ pardon reinforces a crypto-friendly regulatory environment, supporting market sentiment alongside stock gains. Traders now await Friday’s CPI release, the last major economic data before the Federal Reserve’s rate-setting meeting, with markets pricing in another 25-basis-point cut, followed by a likely December reduction.
