Bitcoin Rallies Past $111K After Presidential Pardon for 'CZ'

The cryptocurrency market experienced a significant rebound on Thursday, with Bitcoin (BTC) surging to $110,700, marking a 2.7% gain in 24 hours. The rally, which briefly pushed BTC to a high of $111,100, comes amid a highly volatile "whipsaw" week for traders.

This upward momentum follows a sharp decline on Wednesday that saw prices dip below $107,000, which itself came after a Tuesday peak of $114,000.

Thursday's rally was supported by several key catalysts. A presidential pardon for Binance founder Changpeng "CZ" Zhao appeared to boost investor confidence, suggesting a potentially friendlier regulatory environment. This news sent the BNB coin soaring by over 5%. Gains in the traditional U.S. stock market, with the Nasdaq up 1%, also provided a tailwind for digital assets.

The broader crypto sector followed Bitcoin's lead. Ether (ETH), Dogecoin (DOGE), and Cardano (ADA) all posted gains between 2-3%, while Solana (SOL) joined BNB as a notable outperformer.

Crypto-related stocks also recovered from Wednesday's selloff. Bitcoin miner Hut 8 (HUT) climbed 7.3% after a 17% tumble the previous day, while Coinbase (COIN) and MicroStrategy (MSTR) each advanced by approximately 2%.

Investors are now turning their attention to Friday's key September Consumer Price Index (CPI) report. This inflation data is the last major economic indicator before the Federal Reserve's rate-setting meeting next week. Markets are widely anticipating a 25-basis-point cut to the benchmark fed funds rate, with another cut expected in December.