Bitcoin price today: leaps above $110k as trade optimism boosts risk appetite

Investing.com-- Bitcoin rose higher on Thursday, extending gains from the prior session amid more signs of progress in U.S. trade relations, although traders were still on edge before a slew of key U.S. economic readings due later in the day.

The world’s largest crypto appeared to have broken out of a $103,000 to $108,000 trading range on Wednesday, although it remained to be seen whether the breakout could be sustained.

Bitcoin rose 2.4% to $110,530 by 09:56 ET (13:56 GMT). Broader crypto prices also advanced amid improving risk appetite. Strong overnight gains on Wall Street, where the S&P 500 hit a record high, also aided sentiment. 

Bitcoin buoyed by trade optimism 

Bitcoin benefited from improved risk appetite after the U.S. and Vietnam announced a trade deal, a third agreement for Washington before a July 9 deadline.

Markets were also encouraged by the U.S. easing some restrictions on chip technology exports to China, after the two reached a framework trade deal in June. 

The trade progress drove up hopes for more U.S. trade deals before next week’s deadline. U.S. officials said a deal with India was close, but talks with Japan and South Korea appeared to have hit a snag. 

Trump also signaled that he had no intention of extending his July 9 deadline to impose steep trade tariffs on major trading partners. 

Tax bill passage, nonfarm payrolls in focus

Focus was squarely on the progress of a controversial tax bill through Congress, which Trump said the House of Representatives will vote on later today. But reports showed the bill was still being considered for debate in the House. 

A test vote showed at least five Republicans opposing the bill, which stall the bill’s passage. 

Concerns over the bill are tied chiefly to its potential impact on government debt and fiscal health, with several critics of the bill stating that it will increase U.S. economic risks. 

A slew of key U.S. labor market readings are also due later on Thursday, with focus chiefly on nonfarm payrolls data for June. The prints come amid increased speculation over interest rate cuts by the Federal Reserve, with any outsized cooling in the labor market likely to elicit more easing. 

JPM sees stablecoins hitting $500B by 2028, downplaying trillion-dollar forecasts

JPMorgan expects the stablecoin market to grow to just $500 billion by 2028, sharply undercutting more bullish forecasts that see it reaching into the trillions. In a note published Thursday, the bank called such lofty projections “far too optimistic,” citing limited evidence of mainstream payments adoption.

While stablecoins have expanded beyond their roots in crypto trading—drawing interest from fintech firms and traditional banks seeking faster settlement methods—JPMorgan says usage remains heavily concentrated in trading and decentralized finance.

According to the note, only about 6% of stablecoin demand, or $15 billion, is currently tied to payment applications.

“The idea that stablecoins will replace traditional money for everyday use is still far from reality,” the bank said.

The market is currently estimated at around $250 billion. Although the recent passage of the GENIUS Act in the U.S. Senate is expected to provide some regulatory clarity, JPMorgan remains cautious.

The bank pointed to persistent barriers such as fragmented regulation, limited international adoption, and a lack of compelling use cases outside of crypto markets.

Earlier projections had painted a far more optimistic picture. Standard Chartered (LON:STAN) projected a $2 trillion market by 2028, while Bernstein recently forecasted supply could grow to $4 trillion over the next decade.

JPMorgan also pushed back on comparisons to China’s digital yuan or mobile platforms like Alipay and WeChat Pay, saying, “Neither the rapid expansion of e-CNY nor the success of Alipay and WeChat Pay represent templates for stablecoin expansion in the future.”

Crypto price today: altcoins rebound tracking Bitcoin gains

Broader crypto prices rose in tandem with Bitcoin, also recouping some losses after a dismal performance in June. 

World no.2 crypto Ether jumped over 7% to $2,632.81, while XRP rose 5.4% to $2.29.

Solana advanced 3.6%, while Cardano soared 7.9% after tumbling nearly 17% in June.

Among meme tokens, Dogecoin popped around 8%, while $TRUMP added 4.4%.

(Ambar Warrick contributed to this report.)