Bitcoin climbs back above $110K and to the highest since May 27

Bitcoin 5 minsBitcoin is at the best levels since May 27, rising above $110,000 and within striking distance of the all-time high of $111,965 set on May 22.The latest boost comes after Commerce Sec Howard Lutnick said that talks with China were going very well and would hopefully wrap up tonight (it's 8:30 pm in London).That set off a round of bids in risk assets, particularly stocks and bitcoin. There may also be a tailwind for bitcoin on fresh EU sanctions on Russia and a proposal for lowering the oil price cap to $45 from $60, along with sanctions on those who sell refined Russian oil back into the EU. This article was written by Adam Button at www.forexlive.com.