Top 3 catalysts for Bitcoin, altcoin prices this week

Bitcoin and other altcoins rallied last week as trade risks eased following President Donald Trump’s praise of the talks between the U.S. and China. Bitcoin (BTC) cruised above $104,000 and is near the all-time high. Similarly, Ethereum (ETH) ended its consolidation and short-squeezed from $1,800 to $2,500. Other altcoins also soared, bringing the total market cap of all coins to over $3.2 trillion. This article looks at the top three catalysts affecting Bitcoin and other altcoin prices this week. Trade talks The main catalyst for Bitcoin, altcoins, and the stock market is the ongoing trade talks in Switzerland. The first day ended without a big announcement, but Trump hailed ‘great progress’ while no further information was provided. Beijing struck a more cautious tone, with its state news agency warning that China would firmly oppose any proposals that threaten its core principles or global fairness. Despite the high stakes for the global economy, the two sides appear divided on the current state of negotiations. Indeed, a trade deal or de-escalation would mitigate recession risks, analysts say. It would also mean that inflation growth may be contained, creating an opening for the Federal Reserve to cut interest rates sooner than expected. US inflation data The next important catalyst for Bitcoin and other altcoins will be Wednesday when the U.S. Bureau of Labor Statistics publishes the April Consumer Price Index (CPI) report. Economists expect the report to show consumer prices rose in April as companies made tariff-related adjustments. The average estimate is that the headline CPI rose from 2.4% in March to 2.5% in April, while the core CPI remained at 2.8%. Goldman Sachs analysts expect that U.S. inflation will continue rising and end the year at 3.8%. Bitcoin and altcoins often react to U.S. inflation data because of its impact on the Federal Reserve. In its meeting last week, the Fed decided to keep interest rates unchanged at 4.5% and maintain a wait-and-see approach. A lower inflation figure and signs of progress on trade would fuel the ongoing crypto bull run. Consensus event in Toronto The other top catalyst for the crypto market will be the upcoming Consensus event in Toronto, which will gather the most influential names in the industry. Some top speakers are Cardano’s Charles Hoskinson, Robert Hines, Eric Trump, Chainlink’s Sergey Nazarov, and Anthony Scaramucci. Historically, such events have been good places for companies to announce partnerships and deals that move tokens. For example, Pi Network (PI) price surged after the Core Team hinted at a major announcement during the event. Source: https://crypto.news/top-3-catalysts-bitcoin-altcoin-prices-this-week/