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Crypto markets were in rally mode on Thursday amid strong gains in stocks, a presidential pardon for Binance founder Changpeng Zhao and ahead of tomorrow’s key reading on September inflation.
Mid-afternoon trading in the US, Bitcoin it rose 2.7% to $110,700 in the past 24 hours, a hair off its daily high of $111,100. The action came after Wednesday’s sharp decline that pushed the price below $107,000. Wednesday’s drop came after Tuesday’s sharp rise that took BTC up to $114,000.
The back and forth action is commonly known as a whipsaw pattern and usually results in emptying the pockets of those trying to trade the trend.
The broader crypto sector with ether is also growing , and all forward in the 2-3% range. Notable outperformers include saltwater and BNB with deposits of more than 5% — BNB will then get a boost President Trump pardoned Binance founder Changpeng “CZ” Zhao.
Cryptocurrency stocks, which suffered heavy losses in Wednesday’s selloff, are falling today. Bitcoin miner Hut 8 (HUT) is up 7.3% after falling 17% in the previous session. Coinbase (COIN) and Strategy (MSTR) are up about 2%.
Thursday’s upbeat tone comes amid the aforementioned CZ pardon – indicating a continued friendly regulatory environment in the US – and gains in US stocks, which were also down on Wednesday. A little more than an hour before the close, the Nasdaq is up 1%.
Looking ahead, the US government – despite the ongoing shutdown – is still set to release its Consumer Price Index (CPI) report for September on Friday morning. This is likely to be the last major economic data the Federal Reserve will see before next week’s rate-setting meeting.
At this point, markets fully expect the Fed to cut its benchmark Fed funds rate by another 25 basis points this meeting and another 25 basis points at its last meeting of the year in December.
