Donald Trump pardons Changpeng Zhao and provokes the growth of the crypto market

The cryptocurrency market showed strong growth on Thursday, with Bitcoin BTC $111,514.00 Mezo Wrapped BTC -0.01% Market capitalization $58.84 million VOL. 24 hours $1.25 billion approaching the $ 111,000 mark again, recovering from the previous drop. The rally was fueled by a sharp rise on US stock exchanges and the unexpected news of a presidential pardon for Changpeng «CZ» Zhao, the founder of Binance.

The main catalyst for market optimism was this political decision, which investors took as a signal of further favorable US regulatory policy in the field of digital assets. Amid the news, the BNB token BNB $1,079.73 BNB -0.99% Market capitalization $148.72 billion VOL. 24 hours $0.14 billion , which is an internal coin of the Binance ecosystem, grew by more than 5%. The positive sentiment spread to the entire crypto market: Bitcoin added 2.7% over the day, reaching $ 110,700, while Ethereum ETH $3,843.99 Bridged Ether (StarkGate) -0.12% Market capitalization $88.41 million VOL. 24 hours $0.76 billion , Dogecoin DOGE $0.18 Binance-Peg Dogecoin -1.35% Market capitalization $0.47 billion VOL. 24 hours $71.05 million , and Cardano ADA $0.60 Cardano -1.20% Market capitalization $21.99 billion VOL. 24 hours $30.16 million rose by 2−3%.

A similar rise occurred among the shares of cryptocurrency companies. In particular, the quotes of the miner Hut 8 rose by 7.3% after a 17% collapse the previous day. Such a sharp recovery is another example of the volatility that has recently been characterizing the behavior of digital assets.

After the emotional reaction to the pardon, market participants' attention is now turning to macroeconomic data. On Friday, the Consumer Price Index (CPI) for September is expected to be released, which, despite the partial shutdown of the US government, should be released on time. This will be the last important report before the Federal Reserve meeting next week, where the market forecasts a 0.25 percentage point rate cut, and another by the end of the year. The inflation data will be a crucial test for these expectations.