The total crypto market capitalization gained $80 billion on Thursday and hovered around $3.8 trillion during the mid-North American trading session. The price of Bitcoin (BTC) rose more than 2% in the last 24 hours, reaching a high of around $111,295 before returning to around $110,275 at the time of writing.
Binance Coin (BNB) and Solana (SOL) led the broader altcoin market in a mild recovery on Thursday. Following the sudden crypto boom, approximately $366 million was liquidated from the leveraged crypto market.
Top Reasons Why Crypto Won Today?
Regulatory Goodwill from the United States
On Thursday, the crypto community celebrated the announcement that former Binance CEO Changpeng Zhao (CZ) has been pardoned by President Donald Trump. According to President Trump, the war on crypto orchestrated by the Biden administration is over.
Additionally, a bipartisan group has pushed for the passage of the Clarity Act to improve crypto law in the United States.
Certainties about the trade war in the context of the expected quantitative easing by the Fed
The White House has announced that President Trump will do so meeting with Chinese President Xi next week. Ahead of next week’s meeting, Treasury Secretary Scott Bessent is expected to meet with China’s vice premier on Friday, raising the likelihood of a trade deal.
Meanwhile, the Federal Reserve is expected to begin its quantitative easing (QE) next week. Ahead of the Fed’s expected rate cut next week, CNBC noted that the Fed spent $1.5 trillion after the October and November rate cuts.
Gold capital rotation amid an ‘uptober’ story
Following the recent gold rebound, calls for capital rotation into Bitcoin and the broader crypto market have increased. With just seven days to go until the end of October, Bitcoin and the broader crypto market are expected to gain greater momentum, fueled by rising institutional demand.
Could BTC Price Reach a New ATH by Halloween 2025?
Technical analysis shows that Bitcoin price is forming a market reversal pattern after the recent capitulation.
In the four-hour time frame, the BTC/USD pair has formed a potential inverse head-and-shoulders pattern, linked to bullish divergence of the Relative Strength Index (RSI). As such, the BTC price has a high chance of hitting a new all-time high by Halloween 2025 unless it consistently falls below the support level around $106.5k.
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