Bitcoin Climbs to $111K as Whipsaw Action in Crypto Continues
The trend has most definitely not been your friend this week as dips get bought and rallies get sold.

What to know:
- Crypto markets are rallying Thursday, continuing the up/down pattern of the week.
- A presidential pardon of CZ and gains in traditional markets are catalysts for today's advance.
- Key U.S. inflation data is set to be released on Friday morning.
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
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
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.