Bitcoin rose above $110,500

Bitcoin continued to grow on Thursday, strengthening amid positive signals about progress in US trade relations. Nevertheless, traders remain cautious in anticipation of key economic data from the United States.

The cryptocurrency broke out of the range of $103,000-$108,000, reaching $110,530. The recovery in risk appetite supported the cryptocurrency market, and on Wall Street, the S&P 500 updated its all-time high, which also improved investor sentiment.

One of the drivers was the trade deal between the United States and Vietnam, concluded this week. The market also reacted positively to the partial easing of US restrictions on chip technology exports to China after the June framework agreement between the countries.

Progress in trade negotiations has boosted hopes for new agreements before the July 9 deadline. The United States is close to a deal with India, but negotiations with Japan and South Korea are still at an impasse. President Trump confirmed that he has no plans to extend the deadline for the introduction of new tariffs.