Bitcoin price today: climbs close to $109k with some trading optimism
Investing.com – Bitcoin increased on Thursday, building on gains from the previous session amid further indications of improvement in U.S. trade relations. However, traders remained tense ahead of a series of important U.S. economic reports scheduled for later in the day.
On Wednesday, the largest cryptocurrency in the world seemed to have exited a trading range of $103,000 to $108,000. However, it was uncertain if this breakout could be maintained.
By 01:15 ET (05:15 GMT), Bitcoin had increased by 2.3%, reaching a value of $109,113.8. Along with the risk appetite improving, wider crypto prices also increased. Sentiment was also bolstered by robust overnight gains on Wall Street, where the S&P 500 reached an all-time high.
Bitcoin lifted by trade optimism
Bitcoin gained from an enhanced risk appetite following the announcement of a trade deal between the U.S. and Vietnam, marking Washington’s third agreement ahead of a July 9 deadline.
After reaching a framework trade deal in June, the U.S. eased some restrictions on chip technology exports to China, which also encouraged the markets.
Advancements in trade increased expectations for additional U.S. trade agreements before the deadline next week. Officials in the U.S. indicated that an agreement with India was imminent, but discussions with Japan and South Korea seemed to have encountered difficulties.
Trump signalized that he did not plan to prolong the July 9 deadline for implementing high trade tariffs on key trading partners.
Tax bill passage, nonfarm payrolls in focus
Attention was directed at the advancement of a contentious tax bill in Congress, which Trump stated the House of Representatives would vote on later today. However, reports indicated that the House was still considering the bill for debate. During a test vote, at least five Republicans were shown to be opposed to the bill, causing its progress to be delayed. Fears regarding the bill are mainly connected to its possible effects on government debt and fiscal health, with various opponents of the bill asserting that it will heighten economic risks in the U.S.
Later on Thursday, several important U.S. labor market indicators will be released, with particular attention on the June nonfarm payroll figures. The prints arrive as speculation intensifies regarding potential interest rate reductions by the Federal Reserve,with any outsized cooling in the labor market likely to elicit more easing.
Crypto price today: altcoins rebound tracking Bitcoin gains
Along with Bitcoin, wider crypto prices increased and regained some losses following a poor showing in June.
The second-ranked cryptocurrency Ether saw an increase of 6.1%, reaching $2,592.85, while XRP climbed 3.7% to $2.2684.
Solana increased by 4.3%, and Cardano surged by 7.8% after a nearly 17% drop in June.
Within the category of meme tokens, Dogecoin increased by 8.1%, and $TRUMP saw a gain of 4.4%.
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