Bitcoin Rallies Above $111K on CZ Pardon Before US CPI
Bitcoin surged over 2% to trade above $111,000, reaching $111,189 after US President Trump granted a pardon to Binance founder Changpeng Zhao (CZ). The news, coupled with a rally in US equities, bolstered crypto markets. Ether (ETH) climbed 3.6% to $3,976, Dogecoin (DOGE) rose 3.3%, Cardano (ADA) gained 3.5%, Solana (SOL) jumped 5.4% to $194.09, and BNB increased 5.2% to $1,141.84. Traders view the pardon as a signal of friendlier US regulatory policy. Market focus now shifts to the US September Consumer Price Index (CPI) report—the last major data point before the Federal Reserve’s upcoming rate decision. Investors fully price in a 25 basis point cut at next week’s Fed meeting and another cut in December. According to QCP Capital, a moderate CPI print (e.g., +0.2% month-on-month) would reinforce Bitcoin’s upward momentum, while a hotter-than-expected CPI could trigger a broader risk-off reaction.
Bullish
The presidential pardon for CZ and expectations of Federal Reserve rate cuts have created a supportive backdrop for Bitcoin. In the short term, the regulatory clarity and positive equity correlation are likely to fuel further price gains. Over the long term, a moderate CPI print would validate a dovish Fed stance, providing ample liquidity and reinforcing Bitcoin’s upward trend. Although a hotter-than-expected CPI could trigger a temporary risk-off reaction, the overall combination of easing policy prospects and regulatory optimism points to a bullish outlook for Bitcoin.