Bitcoin could be nearing a new high thanks to a few positive economic factors that have come into effect this week.
Several positive economic factors have pushed Bitcoin (BTC) to $110,126 (BTC/USD) at the time of writing, very close to its record high.
It looks like Bitcoin will be setting a new record soon, and we can thank Thursday’s Nonfarm Payrolls report and a trade deal between the U.S. and Vietnam for the boost.
On Wednesday, President Donald Trump announced on social media that the United States and Vietnam had agreed on a trade deal that would tax Vietnamese imports at 20%. The Nonfarm Payrolls report for June showed that 147,00 jobs were added, which is more than was estimated.
Bitcoin had been gaining ground slowly for the past few days, ever since a ceasefire was announced in the Middle East between Iran and Israel. With news that the United States would not be engaging in a drawn out battle in the Middle East, investors were confident enough to buy in on Bitcoin.
Bitcoin is now just 1.59% away from a new record and has gained 2.44% over the last 24 hours. The coin may only hours from achieving a new record high thanks to the aforementioned positive economic factors.