Ross Ulbricht Pardon Sparks Rally

The cryptocurrency market witnessed a significant surge following the announcement of Ross Ulbricht's pardon by US President Donald Trump, with Bitcoin and Ethereum prices experiencing a notable increase, reflecting a shift in market sentiment from neutral to greedy.

The news of Ulbricht's pardon, announced on January 22, 2025, by Paolo Ardoino, had far-reaching implications for the cryptocurrency market. Bitcoin (BTC) shot up by 4.2% within an hour of the announcement, reaching $58,345, while Ethereum (ETH) rose by 3.1% to $3,120. Trading volumes for both cryptocurrencies skyrocketed, with BTC trading 25,000 and ETH trading 1.2 million within the first hour. The market's bullish response was further evident in the technical analysis, which indicated a breakout above resistance levels and rising RSI and MACD.

The initial surge was followed by stabilization, with BTC maintaining a 3.6% increase at $57,980 and ETH trading at $3,095, a 2.4% rise from its pre-announcement level. Trading volumes remained high, with BTC averaging 18,000 BTC per hour and ETH averaging 800,000 ETH. Open interest in the BTC/USDT pair on Binance increased, suggesting speculative activity. The ETH/BTC pair on Kraken also saw a shift, with a slight outperformance of ETH. The pardon of Ross Ulbricht, the founder of the dark web marketplace Silk Road, has sparked a significant reaction in the cryptocurrency market, with many traders and investors closely watching the developments.

The pardon of Ross Ulbricht has significant implications for the cryptocurrency market, and its impact is likely to be felt in the coming days. As the market continues to react to the news, traders and investors will be closely watching the developments, and the future of the cryptocurrency market remains uncertain. The involvement of Paolo Ardoino, CEO of Tether and CTO of Bitfinex, in the announcement has also brought attention to his role in the cryptocurrency market.