Crypto Markets Rally on Thursday
Crypto markets were in rally mode on Thursday, with Bitcoin (BTC) climbing to $111,100 before settling around $110,700, marking a 2.7% gain over the past 24 hours. This follows a sharp decline on Wednesday that pushed BTC below $107,000, continuing the whipsaw pattern seen throughout the week.
Key Catalysts for the Advance
- Presidential Pardon for CZ: U.S. President Donald Trump pardoned Binance founder Changpeng 'CZ' Zhao, boosting sentiment and suggesting a friendly regulatory environment.
- Gains in Traditional Markets: U.S. stocks, including the Nasdaq (up 1%), contributed to the positive tone.
- Upcoming Inflation Data: The September Consumer Price Index (CPI) report is set for release on Friday, despite the ongoing government shutdown, and is a critical input for the Federal Reserve's rate decisions.
Broader Crypto Performance
- Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA) all advanced 2%-3%.
- Solana (SOL) and BNB were notable outperformers, with gains exceeding 5%, partly driven by the CZ pardon.
- Crypto-related stocks like Hut 8 (HUT), Coinbase (COIN), and MicroStrategy (MSTR) rebounded after Wednesday's selloff.
Market Expectations and Outlook
Markets are fully expecting the Fed to cut rates by 25 basis points at its upcoming meeting and again in December. The whipsaw action—where dips are bought and rallies are sold—has made trend-trading challenging, often leading to losses for those attempting to follow short-term movements.
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