Bitcoin Price Today: Surge Near $109K Amid Trading Optimism
Bitcoin continued its upward trend on Thursday, extending the gains from the previous session on signs of progress in US trade relations, though traders remain on edge ahead of key US economic data expected later today.The world’s largest cryptocurrency seems to have broken out of its $103,000 - $108,000 trading range on Wednesday, though it remains to be seen if this breakout will hold.
Bitcoin rose by 2.3% to $109,113.8 at 09:15 Moscow time. Broader cryptocurrency prices also increased, boosted by a risk-on sentiment. A strong overnight performance on Wall Street, where the S&P 500 hit a record high, also supported the positive mood.
Bitcoin Supported by Trading Optimism
Bitcoin benefited from improved risk appetite following the announcement of a trade deal between the US and Vietnam, the third agreement for Washington ahead of the July 9 deadline.
Markets were also encouraged by the US easing some restrictions on chip technology exports to China after the two countries reached a framework trade agreement in June.
Progress in trade negotiations increased hopes for new US trade deals ahead of next week’s deadline. US officials stated that a deal with India is close, but talks with Japan and South Korea appear to have stalled.
Trump also indicated that he does not intend to extend the July 9 deadline for imposing high trade tariffs on major trading partners.
Focus on Tax Bill Passage and Employment Data
Attention is fully focused on the controversial tax bill passing through Congress, with Trump stating that the House of Representatives will vote on it later today. However, reports have shown that the bill is still under discussion in the House.
A test vote showed that at least five Republicans oppose the bill, which could delay its passage.
Concerns about the bill primarily relate to its potential impact on government debt and financial health, with several critics stating that it will increase economic risks for the US.
A series of key US labor market data is also expected later on Thursday, with the primary focus on June’s non-farm payroll data. These figures come amid rising speculation about a possible rate cut by the Federal Reserve, with any excessive cooling of the labor market likely prompting further easing.
Cryptocurrency Prices Today: Altcoins Recover Alongside Bitcoin’s Rise
Broader cryptocurrency prices rose alongside Bitcoin, recovering after some losses following disappointing June figures.
The second-largest cryptocurrency, Ether, rose by 6.1% to $2,592.85, while XRP increased by 3.7% to $2.2684.
Solana climbed by 4.3%, and Cardano surged by 7.8% after a nearly 17% drop in June.
Among meme tokens, Dogecoin rose by 8.1%, and $TRUMP gained 4.4%.
