Crypto Market Surges as Trade Tensions Ease
Bitcoin and altcoins experienced a notable rally last week.The easing of trade risks, following President Donald Trumpās positive remarks on U.S.-China talks, fueled this surge. Bitcoin (BTC) climbed above $104,000, nearing its all-time high. ethereum (ETH) also saw a boost, jumping from $1,800 too $2,500. This rally pushed the total market cap of all cryptocurrencies over $3.2 trillion.
Three key factors are driving Bitcoin and altcoin prices this week:
- Trade talks between the U.S. and China
- U.S. inflation data release
- The Consensus event in Toronto
The trade talks in switzerland are a major catalyst. While the first day didnāt yield major announcements, Trump praised the āgreat progress.ā However, Chinaās state news agency warned against proposals that could threaten global fairness.
Analysts believe a trade deal could reduce recession risks and control inflation. This could lead the Federal Reserve to cut interest rates sooner.
on Wednesday, the U.S. Bureau of Labor Statistics will release the April Consumer Price Index (CPI) report. Economists expect consumer prices to rise, with the headline CPI increasing from 2.4% in March to 2.5% in April. A lower inflation figure could further boost the crypto bull run.
The Consensus event in Toronto, featuring industry leaders like Charles Hoskinson and Eric Trump, is another key factor.Such events often lead to announcements that can move token prices.
