Crypto Market Update: Trump Pardons Binance Founder, Wall Street Embraces Crypto Collateral
By Meagen Seatter and Giann Liguid — October 24, 2025
The cryptocurrency sector is abuzz following two major developments: former U.S. President Donald Trump’s pardon of Binance founder Changpeng Zhao and Wall Street’s increasing adoption of crypto assets as loan collateral. These moves signal growing intersections between politics, traditional finance, and the evolving crypto landscape.
Trump Pardons Binance Founder Changpeng Zhao
In a highly controversial decision, Donald Trump has granted a full pardon to Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange by trading volume. Zhao, often referred to as "CZ," was convicted in 2024 for violating U.S. anti–money laundering laws, a case that saw him serve four months in prison. He was also barred from managing financial businesses as part of his plea agreement.
The pardon wipes the slate clean on Zhao’s conviction and allows him to return to leadership within the crypto industry legally. The White House, through Press Secretary Karoline Leavitt, described the original conviction as “a politically motivated overreach by the Biden administration” and framed the pardon as rectifying a significant injustice.
Critics, however, argue that the pardon illustrates the increasing financial ties between Trump and the cryptocurrency sector. They highlight Trump’s personal investments in crypto-related ventures and his recent advocacy for establishing a "national cryptocurrency reserve." Zhao expressed deep gratitude on social media following the pardon, emphasizing his commitment to responsibly fostering innovation within the industry.
The decision has reignited debate about political favoritism and potential conflicts of interest, especially as cryptocurrency continues to gain influence in Washington and regulatory frameworks remain in flux.
Crypto Market Prices and Metrics
Bitcoin (BTC), the leading cryptocurrency, was trading at approximately USD 110,271 as of 5:00 p.m. UTC on Friday, October 24, reflecting a 0.8% decline over the past 24 hours. The day’s price ranged from a low of USD 109,478 to a high of USD 111,658. Despite a USD 19 billion liquidation event earlier this month, medium-sized Bitcoin holders—entities holding between 100 and 1,000 BTC—have shown consistent accumulation, adding roughly 907,000 BTC over the past year. This trend is historically indicative of bullish market momentum. However, short-term demand appears to be softening, as the cohort’s 30-day balance has dipped below its moving average, signaling caution until fresh catalysts, such as increased ETF inflows, emerge.
Ether (ETH), the second-largest cryptocurrency, was priced at about USD 3,888.22, down 0.7% in the last 24 hours, fluctuating between USD 3,824.85 and USD 3,994.25. Among altcoins, Solana (SOL) decreased slightly to USD 190.41, down 0.8%, while XRP bucked the downward trend with a 2.5% gain to USD 2.48. —
Derivatives and Market Sentiment
Recent trading activities reveal a complex market environment. Bitcoin experienced approximately USD 12.4 million in liquidations over the last four hours, mainly from long positions, indicating selling pressure from a possible long squeeze and short-term bearish momentum. Ether followed a similar pattern with USD 18.49 million in liquidations, predominantly from longs.
Futures open interest shows modest growth, with Bitcoin’s futures contracts increasing 1.7% to approximately USD 71.35 billion, while Ether’s open interest remained stable at around USD 45.80 billion.
The Crypto Fear and Greed Index, a sentiment gauge, has inched upward to a score of 32 but remains within ‘fear’ territory, improving from the week’s low of 25. This suggests cautious optimism amidst a generally risk-averse environment.
Wall Street’s Embrace of Crypto Collateral
In a notable development bridging traditional finance and crypto markets, JPMorgan Chase & Co. announced plans to allow institutional clients to borrow cash using Bitcoin and Ethereum as collateral. The banking giant aims to roll out the program by the end of 2025. This lending initiative enables clients to pledge crypto assets directly rather than through exchange-traded funds (ETFs). JPMorgan will utilize a third-party custodian for secure token custody. This move follows successful trials earlier this year, including a pilot involving BlackRock’s iShares Bitcoin Trust.
Notably, JPMorgan already accepts crypto-linked ETFs as collateral and integrates blockchain technologies within its commercial lending operations, underscoring the bank’s strategic push to incorporate digital assets into traditional finance workflows.
Polymarket Confirms POLY Token Launch Following Massive Investment
Prediction market platform Polymarket officially confirmed plans to launch its POLY token after securing a significant investment surge totaling USD 2 billion from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
Matthew Modabber, Polymarket’s Chief Marketing Officer, revealed on the Degenz Live podcast that the token issuance and accompanying airdrop are “officially in motion.” The company emphasizes the token’s utility and long-term sustainability, coinciding with regulatory clearance to relaunch its U.S. mobile application.
This development highlights growing institutional interest and investment in decentralized finance (DeFi) platforms and governance tokens.
Looking Ahead
The cryptocurrency market remains at the crossroads of innovation, regulation, and mainstream acceptance. The Trump pardon of Zhao may influence regulatory discussions and perceptions about political influence in crypto, while the steps by JPMorgan signify deeper integration of digital assets into established financial systems.
Market participants are advised to monitor upcoming catalysts, including ETF inflows and regulatory developments, which will shape short- and long-term trends.
Stay connected for real-time updates on the crypto industry by following @INN_Technology.
Disclosure: The authors hold no direct investment interest in any companies mentioned in this article.
About the Authors
Meagen Seatter is an Investment Market Content Specialist with a background spanning Australia, Southeast Asia, and Canada. She covers life sciences, cannabis, tech, psychedelics, and finance markets, combining educational insights from psychology and anthropology.
Giann Liguid is a writer with experience in interdisciplinary studies and expertise in both the public and private sectors. He specializes in market content with a sharp eye for emerging financial trends.
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