Bitcoin price today rises above $108k.
Bitcoin rose on Monday, while broader cryptocurrency prices also advanced as risk appetite was boosted by increased optimism over U.S. trade deals and potential interest rate cuts in the country.
The world’s largest crypto rose 1% to $108,358.7 by 01:10 ET (05:10 GMT), and was on track to break out of a trading range seen through most of June.
Risk appetite was encouraged by Canada on Sunday rescinding a digital service tax on U.S. companies and offering to restart trade deals with Washington. Ottawa is eyeing a July 21 deadline to reach a trade deal.
The move came as Japan also signaled continued efforts to reach a U.S. trade deal, while a recent U.S.-UK trade agreement took effect on Monday.
Markets are hoping that the U.S. will sign trade deals with more major economies before a July 9 deadline for President Donald Trump’s steep tariffs to take effect.
Bitcoin’s biggest point of support was the progress of a stablecoin regulation bill through Congress, which highlighted President Donald Trump’s commitment to doling out more crypto-friendly regulation.\
Asia stocks head for monthly gains.
Most Asian stocks rose on Monday and headed for sharp monthly gains, supported by hopes of trade deals with U.S. President Donald Trump, while attention for the day was on factory activity data from China, Japan, and South Korea.
Japan stocks were the top gainer for the day, with the benchmark index jumping to near a one-year high.
Regional equities also took cues from Wall Street. Major U.S. stock indexes saw weekly gains on Friday, with the S&P 500 and Nasdaq hitting record closing highs.
Wall Street futures edged higher in Asian trading hours on Monday.
Nikkei at 1-yr high; Asia stocks set for monthly rise
Japan’s Nikkei 225 jumped 1.6% to its highest level since mid-July, boosted by tech stocks. The broader TOPIX index gained 1%.
The Nikkei was poised to rise 8% in June, marking its third straight monthly gain, buoyed by a weaker yen.
Dollar sags as optimism over US trade deals.
The dollar slid on Monday against the yen and wallowed near its lowest in almost four years against the euro, as market optimism over U.S. trade deals bolstered bets for earlier interest rate cuts by the Federal Reserve.
The dollar also languished near a four-year low against sterling and a trough of more than decade versus the Swiss franc after the White House neared a deal with China, while Canada scrapped a digital services tax to restart stalled talks.
Both the yuan and Canadian dollar gained.
Investors interpreted Fed Chair Jerome Powell’s testimony to U.S. Congress last week as dovish, after he said rate cuts were likely if inflation did not spike this summer because of tariffs.
Bets for at least one quarter-point reduction by September have risen to 91.5%, CME Group’s (NASDAQ:CME) FedWatch Tool shows, from about 83% a week earlier. The Fed’s rate-setting committee also meets next month, but does not gather in August.
“The market pricing implies a (September) cut as a slam dunk,” Chris Weston, head of research at Pepperstone, wrote in a client note.
Friday’s monthly U.S. payrolls report is this week’s “marquee risk event”, Weston said, and the risk to the dollar “seems asymmetric, given the Fed’s reaction function is biased towards the timing of the next cut.”
That meant the dollar was more likely to suffer a rout on weak numbers than rally on a hot outcome, he added.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.An additional weight on the dollar came from Donald Trump’s continued assault on Powell, after the U.S. president said on Friday he would “love” it if the Fed chief resigned before his term ended in May.
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