Bitcoin and other Altcoins recovered last week as commercial risks decreased after the praise of President Donald Trump about conversations between the United States and China.
Bitcoin (BTC) navigated above $ 104,000 and is close to the historical maximum. Similarly, Ethereum (Eth) It ended its consolidation and was sent from $ 1,800 to $ 2,500. Other Altcoins also fired, which carries the total market capitalization of all coins to more than $ 3.2 billion.
This article analyzes the three main catalysts that affect Bitcoin and other Altcoin prices this week.
Commercial talks
The main catalyst for Bitcoin, Altcoins and the stock market is the current Commercial conversations in Switzerland. The first day ended without a great announcement, but Trump greeted ‘Great progress‘While no more information was provided.
Beijing reached a more cautious tone, with its state news agency warning that China would firmly oppose any proposal that threatens its basic principles or global equity. Despite the high bets for the global economy, the two parties appear divided in the current state of the negotiations.
In fact, a commercial agreement or de -escalation would mitigate the recession risks, analysts say. It would also mean that the growth of inflation can be contained, creating an opening for the Federal Reserve to reduce interest rates before expected.
US inflation data.
The next important catalyst for Bitcoin and other Altcoins will be Wednesday when the United States Labor Statistics Office publishes the April Consumer Price Index report (IPC).
Economists expect the report to show that consumer prices increased in April as companies made adjustments related to the rate. The average estimate is that the main CPI increased from 2.4% in March to 2.5% in April, while the central ICC remained at 2.8%.
Goldman Sachs analysts wait That the inflation of the United States will continue to increase and end the year with 3.8%.
Bitcoin and Altcoins often react to the inflation data of the United States due to its impact on the Federal Reserve. In its meeting last week, the Fed decided to keep interest rates without changes in 4.5% and keep an approach to wait and see.
A lower inflation figure and the signs of progress in trade would boost the ongoing bull crying career.
Consensus event in Toronto
The other upper catalyst for the encryption market will be the next consensus event in Toronto, which will bring together the most influential names in the industry. Some main speakers are Charles Hoskinson from Cardano, Robert Hines, Eric Trump, Sergey Nazarov by Chainlink and Anthony Scaramucci.
Historically, such events have been good places for companies to announce associations and agreements that move tokens. For example, Pi Network (PI) Price increased after the central team hinted at an important announcement during the event.