The cryptocurrency market has rebounded, extending its gains for a second day as Bitcoin (BTC) , Ethereum (ETH) , and other altcoins trade in positive territory. Investor sentiment picked up ahead of the Consumer Price Index (CPI) data, and risk appetite has improved. Crypto ETFs have also turned positive, generating substantial inflows. BTC bounced back after hitting a low of $108,809 on Thursday and reclaimed the $110,000 mark, reaching $111,254.
However, it lost momentum and fell to $109,530. Positive sentiment returned, and the price recovered, rising to $111,484 before moving to its current level. BTC is up over 2% in the past 24 hours, trading around $111,350.
Meanwhile, ETH is up over 2% as it looks to reclaim $4,000. The altcoin fell to a low of $3,816 on Thursday before recovering to reach an intraday high of $3,978 and moving to its current level of $3,965. Ripple (XRP) is up almost 2%, while Solana (SOL) is up nearly 3%, trading around $193. Dogecoin (DOGE) is up 1%, while Cardano (ADA) is up 2%, trading around $0.652. Chainlink (LINK) , Stellar (XLM) , Hedera (HBAR) , Litecoin (LTC) , Toncoin (TON) , and Polkadot (DOT) have also registered a substantial increase over the past 24 hours.
President Trump Pardons Binance Founder Changpeng Zhao
President Trump Pardons Changpeng Zhao
US President Donald Trump has pardoned convicted Binance founder Changpeng “CZ” Zhao after months of appeals and lobbying from the company and its former CEO. Zhao was imprisoned after failing to prevent criminals from using Binance to launder money associated with various illicit activities. Zhao stated during his sentencing,
“I failed here. I deeply regret my failure, and I am sorry.”
The president signed the pardon on Wednesday, according to sources close to the developments. However, no official confirmation or details have been posted on the White House Website or in the Federal Register, where presidential pardons are typically announced. However, Binance has separately confirmed the pardon for its former CEO.
Zhao’s pardon is the latest example of the Trump administration’s friendly stance towards crypto. President Trump has used his executive power to pardon political allies, prominent public figures, and individuals from the crypto ecosystem.
Binance announced the news in a separate statement.
“Incredible news of CZ’s pardon today. We thank President Trump for his leadership and for his commitment to make the US the crypto capital of the world. CZ’s vision not only made Binance the world’s largest crypto exchange but also shaped the broader crypto movement.”
Trader Who Shorted Bitcoin (BTC) Also Bet On CZ Pardon
The trader who supposedly made millions shorting the cryptocurrency market before President Trump announced tariffs on Chinese goods has profited again after betting that Binance founder Changpeng Zhao will be pardoned. On-chain detectives connected the trader to a Polymarket account, which reportedly made $56,522 on a bet that Trump would pardon Zhao sometime in 2025. The trader in question is already suspected in the crypto community of having access to insider knowledge after their perfectly timed BTC and ETH shorts. The trader shorted the market minutes before Trump imposed tariffs on China and sent prices tumbling.
On-chain investigator Coffeezilla called it “obvious insider knowledge” in a post on X, stating,
“Remember that HyperLiquid whale that shorted the market and made $190m because of Trump tweets a few hours later? A polymarket account linked to it, called "bigwinner01," placed bets that CZ would be pardoned. Looking like obvious insider knowledge.”
However, some market participants disagreed with the assessment, stating that the pardon was obvious.
Polymarket Bettors Think Sam Bankman-Fried Could Get Pardon Next
Polymarket bettors are betting that former FTX CEO Sam Bankman-Fried could also be pardoned this year. Bettors on the platform have tipped the odds of a pardon for Bankman-Fried at 12%, up from 5.6% just 12 hours earlier. According to the platform, odds for “Who will Trump pardon in 2025” have over $6.5 million in bets placed, with over $300,000 for the convicted former FTX CEO. Another betting market on whether “SBF will be released from custody in 2025” saw odds rising from 4.3% to 19.1% before falling back to 15.5%.
Bankman-Fried has appealed to reduce his 25-year sentence. However, it is unlikely there will be any significant developments before the end of the year. A presidential pardon from Trump is the only realistic path to Bankman-Fried’s release before January.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) continues to push higher during the ongoing session, up over 1%, as it looks to push towards $120,000. BTC registered a sharp drop on Tuesday as investor sentiment flipped to bearish, ultimately dropping 1.99% and settling at $108,362. Selling pressure persisted on Wednesday as the price fell almost 1% to $107,585. Despite the overwhelming selling pressure, BTC rebounded on Thursday, rising over 2% to reclaim $110,000 and settle at $110,116. BTC is up over 1% during the ongoing session, trading around $111,247.
BTC is on track for one of its worst “Uptober” performances since 2013, with the flagship cryptocurrency at risk of printing a “red” October for the first time since 2018. October saw BTC surge to record levels. However, optimism turned to panic as traders endured a liquidation nightmare. The flagship cryptocurrency has struggled to regain momentum since the October 10 crash and has mostly traded in a narrow range below the $112,000 mark. According to CoinGlass data, the average upside for October since 2013 has been 20%, putting BTC above $130,000. If BTC ends October 4% lower than its current level, it will be its worst performance in 12 years.
Meanwhile, spot Bitcoin ETFs returned to positive territory, posting moderate net inflows of $20.3 million on October 23. The ETFs had recorded sharp outflows of $101.3 million a day prior, and substantial inflows of $477 million on October 21. As expected, BlackRock’s iShares Bitcoin Trust (IBIT) recorded $107.8 million in net inflows. Fidelity’s FBTC recorded $7.2 million, while Bitwise’s BITB added $17.4 million. The inflows helped offset substantial outflows from Grayscale’s GBTC and Ark 21Shares ARKB, which recorded $60.5 million and $50 million in outflows. The ETFs’ mixed performance shows that the market is still uncertain, and investor sentiment is divided.
BTC has regained strength over the past two sessions but faces resistance around $112,000 and $115,000. A break above these levels could push the price towards $120,000, and confirm that short-term momentum favors the bulls. BTC’s RSI is rising from oversold levels, reinforcing the bullish case and the potential for a strong recovery.
BTC and the crypto market crashed last Friday (October 10), after President Trump announced 100% tariffs on Chinese goods and new export controls for software. The announcement was made in retaliation for China's imposing restrictions on rare earth mineral exports. As a result, BTC plunged to $102,000 on Binance before recovering and settling at $112,980. Selling pressure persisted on Saturday as the price fell almost 2% to $110,768. Despite the overwhelming selling pressure, markets recovered on Sunday as BTC rose nearly 4% to reclaim $115,000 and settle at $115,067. The price faced selling pressure and volatility on Monday, ultimately registering a marginal increase and settling at $115,274. Selling pressure returned on Tuesday as BTC fell to an intraday low of $109,945. It recovered from this level to reclaim $113,000 and settle at $113,068, ultimately dropping 1.91%. Sellers retained control on Wednesday as the price fell 2% to $110,804. Bearish sentiment persisted on Thursday as BTC fell below $110,000 and settled at $108,198.
Source: TradingView
BTC plunged to $103,516 on Friday as selling pressure intensified. However, it recovered from this level to settle at $106,463, ultimately dropping 1.60%. BTC rose on Saturday, rising 0.70% to reclaim $107,000 and settle at $107,208. Buyers retained control on Sunday as the price rose over 1% to cross $108,000 and settle at $108,676. Bullish sentiment intensified on Monday as BTC’s recovery continued. As a result, the price rose nearly 2% to reclaim $110,000 and settle at $110,568. BTC reached an intraday high of $114,082 on Tuesday. However, market sentiment soured and buyers lost momentum. As a result, the price fell 1.99% to $108,362. Sellers retained control on Wednesday as BTC fell 0.72% and settled at $107,585. Despite the selling pressure, the price recovered on Thursday, rising over 2% to reclaim $110,000 and settle at $110,116. BTC is up over 1% during the ongoing session, trading around $111,236.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is looking to reclaim $4,000, and is up almost 3%, trading around $3,958. The altcoin registered a sharp drop on Tuesday, falling 2.64% to $3,876. Selling pressure persisted on Wednesday as the price fell to a low of $3,709 before settling at $3,807. ETH recovered on Thursday, rising 1.32% to an intraday high of $3,933 before settling at $3,857, and is up nearly 3% during the ongoing session.
Traders are confident in ETH’s upside potential for the short term. A well-known trader, known for his 100% track record on the market, has increased their exposure to ETH. According to data from Hyperliquid, the trader has increased their long position to 33,270 ETH, worth around $131.24 million at current prices. The position highlights the trader’s strong faith in the altcoin’s short-term upside, with the position opened using 5x leverage.
Spot Ethereum ETFs continued posting outflows, recording $127.5 million in redemptions on October 23. Additionally, none of the issuers recorded net inflows as investors remain hesitant. Data from SoSoValue reveals that Ethereum ETFs registered outflows on eight of the past 11 trading days. Fidelity’s Ethereum Fund (FETH) led the outflows with $77 million, while BlackRock’s iShares Ethereum Trust (ETHA) recorded $23.5 million in net outflows. Grayscale’s Ethereum Trust (ETHE) recorded $8.8 million in outflows. However, despite the outflows, trends in adoption indicate that institutions are bullish on Ethereum.
“Ethereum is quietly becoming the corporate standard. Treasury firms and ETFs now hold 12.5M ETH, representing 10.31% of total supply, that’s not noise, that’s structure. This marks a pivotal shift, capital isn’t just stored anymore, it’s earning, staking, and governing.”
ETH plunged to an intraday low of $3,444 on Friday (October 10) after President Trump announced 100% tariffs on Chinese imports and export controls on key software. It recovered from this level to settle at $3,836, ultimately dropping over 12%. Selling pressure persisted on Saturday as the fell 2.21% to $3,752. ETH recovered on Sunday, rising nearly 11% to reclaim $4,000 and settle at $4,158. Buyers retained control on Monday as the price rose over 2% and settled at $4,224. ETH plunged to an intraday low of $3,895 on Tuesday as selling pressure intensified. However, it recovered from this level to reclaim $4,000 and settle at $4,129, ultimately dropping $4,129.
Source: TradingView
ETH lost momentum on Thursday despite starting the day in positive territory and dropped over 2% to $3,896. Selling pressure persisted on Friday as the price fell to an intraday low of $3,680 before settling at $3,834. Despite the overwhelming selling pressure, ETH recovered on Saturday, rising 1.52% to $3,892. Buyers retained control on Sunday as the price rose over 2% and settled at $3,985. Volatility returned on Monday as buyers lost momentum after crossing $4,000. ETH ultimately registered a marginal drop and settled at $3,981. ETH reached an intraday high of $4,111 on Tuesday. However, it lost momentum after reaching this level and dropped almost 3% to $3,876. Selling pressure persisted on Wednesday as the price fell to an intraday low of $3,711 before settling at $3,807. Despite the overwhelming selling pressure, ETH recovered on Thursday, rising 1.32% to $3,857. The altcoin is up almost 3% during the ongoing session, trading around $3,957.
Solana (SOL) Price Analysis
Solana (SOL) is marginally up during the ongoing session as its push to $200 stalled around $195. The altcoin registered a sharp drop on Tuesday and extended its decline on Wednesday, dropping over 3% to settle at $180. Despite the selling pressure, SOL recovered on Thursday, rising over 6% to cross $190 and settle at $191.
SOL’s Thursday rally can be attributed to Fidelity adding the altcoin to its suite of crypto products, giving institutional and retail investors access to the asset. The move means SOL will be available across Fidelity Crypto, Fidelity Crypto for IRAs, Fidelity Crypto for Wealth Managers, and Fidelity Digital Assets. Fidelity’s decision highlights SOL’s growing mainstream appeal and its position as one of the most traded global assets. Nick Ducoff, the head of institutional growth at the Solana Foundation, announced the rollout.
“Retail investors in the U.S. can now purchase SOL in their brokerage account.”
The news re-energized market sentiment, giving SOL exposure to millions of US brokerage accounts.
SOL started the previous weekend deep in bearish territory as markets crashed. As a result, the price tanked to an intraday low of $170 before settling at $188, ultimately dropping over 14%. Sellers retained control on Saturday as the price fell almost 6% to $177. SOL made a strong recovery on Sunday, rising nearly 11% and settling at $197. The price continued pushing higher on Monday, rising almost 6% to reclaim $200 and settle at $208. Despite the positive sentiment, SOL lost momentum on Tuesday, falling to an intraday low of $191 before recovering to reclaim $200 and settling at $202. Selling pressure persisted on Wednesday as SOL fell over 4%, slipping below $200 and settling at $192. Price action remained bearish on Thursday as the altcoin fell nearly 5% to $184.
Source: TradingView
SOL plunged to an intraday low of $174 on Friday as selling pressure intensified. However, it rebounded from this level to reclaim $180 and settle at $182, ultimately dropping 1.51%. Despite the overwhelming selling pressure, SOL recovered over the weekend, rising over 3% on Saturday and registering a marginal increase on Sunday to settle at $188. Buyers retained control on Monday as the price rose 0.95% and settled at $189. SOL reached an intraday high of $197 on Tuesday. However, it lost momentum after reaching this level, dropping over 2% to $185. Selling pressure persisted on Wednesday as the price fell by over 3% and settled at $180. SOL made a strong recovery on Thursday, rising over 6% to reclaim $190 and settle at $191. The price is marginally up during the ongoing session as buyers and sellers struggle to establish control.
