Crypto Market Update: Trump Pardons Binance Founder, Wall Street Embraces Crypto Collateral
In a surprising development shaking the cryptocurrency ecosystem, former US President Donald Trump has granted a full pardon to Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange. This move has fueled fresh debates about political favoritism amid the rising influence of the crypto industry on Washington.
Bitcoin and Ether Market Overview
As of Friday, October 24, 2025, at 5:00 p.m. UTC, Bitcoin (BTC) was trading at approximately US$110,271, reflecting a modest 0.8% decline over the past 24 hours. Throughout the day, Bitcoin’s price fluctuated between a low of US$109,478 and a high of US$111,658. Despite a significant US$19 billion liquidation event earlier in the month, medium-sized Bitcoin holders—those with 100 to 1,000 BTC—have continued to accumulate, adding close to 907,000 BTC over the past year. This ongoing accumulation trend suggests a strong long-term bullish market structure. However, caution is advised as short-term demand indicators reveal weakening, with the cohort’s 30-day balance dipping below its moving average, possibly signaling a pause until new positive catalysts, such as renewed inflows into Bitcoin ETFs, appear.
Ether (ETH), the second-largest cryptocurrency, was priced at US$3,888.22, down 0.7% in the last 24 hours, with daily price movement ranging from US$3,824.85 to US$3,994.25. ### Altcoin Price Movements
Other notable altcoins showed mixed results. Solana (SOL) was down 0.8%, trading near US$190.41, while XRP saw a 2.5% uptick, reaching US$2.48. ### Crypto Derivatives and Market Sentiment
The derivatives market painted a complex picture. Bitcoin liquidations in the past four hours amounted to around US$12.4 million, predominantly from long positions, signaling selling pressure linked to a long squeeze and short-term bearish momentum. Ether liquidations followed a similar trend with US$18.49 million liquidated, mostly from longs.
Bitcoin futures open interest experienced a slight increase of 1.7% to approximately US$71.35 billion, while Ether futures remained stable at around US$45.8 billion.
The Crypto Fear & Greed Index by CoinMarketCap edged up to 32, indicating a slight reduction in market fear, though sentiment remains cautious, lingering within the “fear” territory.
Trump Pardons Binance Founder
The most headline-grabbing story this week was President Trump’s pardon of Changpeng Zhao (known as "CZ"), effectively nullifying Zhao’s 2024 conviction related to US anti–money laundering laws. Zhao had served four months in prison and was restricted from operating financial enterprises as part of a prior plea deal.
The pardon follows extensive lobbying efforts by Binance, which itself settled with US federal prosecutors by paying a record-breaking $4.3 billion fine. White House Press Secretary Karoline Leavitt framed Zhao’s conviction as a case of "politically motivated overreach" from the Biden administration, describing the pardon as a means to rectify this perceived injustice.
Critics of the move argue that it reflects Trump’s deepening financial connections to the cryptocurrency industry, given his personal crypto investments and advocacy for a "national cryptocurrency reserve." Zhao expressed his gratitude on social media, pledging to continue backing responsible innovation in the blockchain space.
Wall Street Broadens Crypto Exposure
In other major news, JPMorgan Chase & Co. announced plans to enable institutional clients to borrow cash with Bitcoin and Ethereum directly as collateral. Expected to launch by the end of 2025, the initiative represents a shift toward more direct engagement with crypto assets, allowing clients to pledge tokens securely held by a third-party custodian rather than relying on crypto ETFs.
This development follows JPMorgan’s earlier success with internal testing involving BlackRock’s iShares Bitcoin Trust and complements the bank’s existing crypto-linked ETF lending services and blockchain integration in commercial lending networks.
Polymarket Confirms POLY Token Launch After $2B Investment
Prediction market platform Polymarket has confirmed the forthcoming launch of its long-anticipated POLY token. This announcement comes on the heels of a massive $2 billion investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
Matthew Modabber, Polymarket’s Chief Marketing Officer, shared on the Degenz Live podcast that both the token release and associated airdrop are “officially in motion.” Modabber emphasized the team’s focus on delivering real utility and sustainable value, aligning with Polymarket’s strategy to relaunch its US application after securing fresh regulatory approvals.
Looking Ahead
The cryptocurrency market continues to be shaped by significant regulatory and institutional developments. The pardoning of Binance’s founder symbolizes ongoing intersections between politics and crypto, while major financial institutions like JPMorgan deepen their involvement with digital assets, potentially accelerating mainstream adoption.
Investors and observers are advised to monitor market signals closely as the space navigates these changes, as well as potential shifts prompted by new investment products, regulatory stances, and geopolitical influences.
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Disclosure: The authors hold no direct investment interests in any companies mentioned.