Bitcoin Price (BTC) News: Modest Rally on Thursday
Crypto markets were in rally mode on Thursday alongside sizable gains in stocks, a U.S. presidential pardon for Binance founder Changpeng Zhao, and ahead of tomorrow's key reading on September inflation.
In mid-afternoon U.S. trading, bitcoin BTC$109,648.68 was up 2.7% over the past 24 hours to $110,700, down a hair from the day's high of $111,100. The action came following Wednesday's strong decline which had pushed the price below $107,000. The Wednesday drop came following Tuesday's sharp rise which had brought BTC as high as $114,000.
The back and forth action is commonly known as a whipsaw pattern and usually results in the emptying of pockets of those who try and trade with the trend.
The broader crypto sector is rallying as well, with ether ETH$3,890.01, DOGE$0.1937 and ADA$0.6464 all ahead in the 2%-3% range. Notable outperformers include solana SOL$191.86 and BNB BNB$1,103.31 with advances of more than 5% — BNB getting a boost after President Trump pardoned Binance founder Changpeng "CZ" Zhao.
Crypto-related stocks, which suffered big losses across the board in Wednesday's selloff, are bouncing today. Bitcoin miner Hut 8 (HUT) is climbing 7.3% after tumbling 17% the previous session. Coinbase (COIN) and Strategy (MSTR) are each higher by about 2%.
The better tone Thursday comes amid the aforementioned pardon of CZ — which suggests a continuing friendly regulatory environment in the U.S. — and gains in U.S. stocks, which had also dipped on Wednesday. A bit more than an hour before the close, the Nasdaq is higher by 1%.
Looking ahead, the U.S. government — despite the continuing shutdown — is still set to release the September Consumer Price Index (CPI) report on Friday morning. This is likely the last piece of important economic data the Federal Reserve will see prior to its rate-setting meeting next week.
At the moment, markets are in full expectation that the Fed will trim its benchmark fed funds rate another 25 basis points at this meeting and another 25 basis points at its final meeting of the year in December.
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