Bitcoin News Today: Trump's Pardon Ignites Crypto Surge Amid Regulatory Backlash and Whale Accumulation

Donald Trump's recent pardoning of Binance founder Changpeng Zhao (CZ) has reignited bullish momentum in the cryptocurrency market, with Aster (ASTER) surging 15% on October 23 amid its Rocket Launch campaign rollout, according to Yahoo Finance. The initiative, which rewards participants with ASTER and early-stage project tokens, has drawn significant attention from institutional and retail investors, propelling the token's market cap above $2.2 billion. CZ's public endorsements of Aster's hybrid decentralized exchange (DEX) model and liquidity infrastructure have further bolstered market sentiment, while whale-driven buying activity—evidenced by a 5% decline in trading volume during the rally—suggests strategic accumulation by large players, the Yahoo Finance piece adds.

The pardon, however, has sparked controversy, with critics accusing Trump of enabling regulatory evasion by shielding CZ, who had previously admitted to money-laundering violations, according to CryptoNews. Despite the backlash, the move has amplified demand for BNB-linked assets, with Bitcoin (BTC) and Ethereum (ETH) also benefiting from renewed speculative fervor, as noted in a crypto.news recap. Meanwhile, Trump's broader fiscal agenda, including a proposed $38 trillion debt-reduction plan involving the conversion of U.S. gold reserves into Bitcoin, has added a layer of macroeconomic intrigue to the crypto narrative, according to a Benzinga analysis. Proponents argue that acquiring 1 million BTC—roughly 5% of the global supply—could drive the price to $242,000 per coin, leveraging Bitcoin's "asymmetric upside" as a strategic reserve asset, the Benzinga piece adds.

Bitcoin's price outlook has also gained traction as investors stake $400 million in decentralized finance (DeFi) protocols over the past ten days, signaling long-term confidence, according to Yahoo Finance. Analysts like Lyn Alden highlight Bitcoin's growing adjacency to equities and tech sectors, positioning it as a higher-yield alternative to gold. Market participants are now closely watching two pivotal events: the Federal Reserve's October 29 policy meeting and the Trump–Xi Jinping summit on October 30. A dovish Fed stance or positive trade signals could push BTC toward $115,000, while geopolitical tensions or hawkish monetary tightening could trigger a pullback toward $109,000 support.

Trump's crypto influence extends beyond Bitcoin. His nomination of Mike Selig to lead the Commodity Futures Trading Commission (CFTC) has raised questions about regulatory alignment with market actors, while SpaceX's $133 million BTC transfers underscore institutional adoption, the crypto.news recap noted. Yet, the administration's unconventional policies remain contentious. The recent backlash over an Ontario TV ad using Reagan's voice to justify tariffs highlights the risks of leveraging historical rhetoric in modern policy debates, even as Trump's allies defend such strategies as necessary for economic sovereignty.