On Thursday, June 3, Bitcoin's price rose to almost $109,000, continuing its ascent from the previous session amid new signs of improving US trade relations, although traders remained cautious ahead of a series of important US economic data. This was reported by investing.com, writes UNN.
The world's largest cryptocurrency appeared to break out of its $103,000 to $108,000 trading range on Wednesday, though it remains to be seen if the breakout can be sustained
By 01:15 AM ET (05:15 GMT), Bitcoin's price had risen by 2.3% to $109,113.8. Overall cryptocurrency prices also increased amid improving risk appetite. A significant rally on Wall Street overnight, where the S&P 500 index reached a record high, also contributed to the sentiment.
Bitcoin buoyed by trade optimism
Bitcoin benefited from improved risk appetite after the US and Vietnam announced a trade deal, the third agreement for Washington before the July 9 deadline.
Markets were also encouraged by the US easing some restrictions on chip technology exports to China after the parties reached a framework trade agreement in June.
Progress in trade has boosted hopes for new trade agreements with the US before next week's deadline. US officials said a deal with India was close to being concluded, but talks with Japan and South Korea appeared to have stalled.
Trump also made it clear that he does not intend to extend the July 9 deadline for imposing high trade tariffs on major trading partners.
Bitcoin soars, altcoins plummet by $300 billion in crypto crash30.06.25, 10:12