Three Major Catalysts Affecting Bitcoin and Altcoin Prices
1. Progress in US-China Trade Negotiations
The ongoing US-China trade negotiations in Switzerland have become a focal point for the market.
Although substantial details have not been disclosed, the US side claims to have made 'significant progress,' while the Middle East has taken a cautious stance, emphasizing the protection of core interests.
If the negotiations ease tensions, it will reduce the risk of economic recession and may prompt the Federal Reserve to consider an early interest rate cut, which would be beneficial for the crypto market.
2. Release of US Inflation Data (CPI)
The CPI data for April will be released this Wednesday, with market expectations for a year-on-year increase to 2.5%, and core CPI remaining at 2.8%.
Inflation data directly impacts the Federal Reserve's interest rate policy. If inflation slows down, the market may bet on a loose policy, benefiting crypto assets.
Goldman Sachs predicts that inflation may rise to 3.8% by the end of the year, reinforcing market uncertainty regarding policy paths.
3. Consensus Conference in Toronto
The upcoming major event in the crypto industry has attracted many heavyweight figures, including the founder of Cardano and representatives from Chainlink.
Historically, such conferences have often been used as platforms to announce collaborations, listings, and project progress.
For instance, the recent surge in Pi Network's price was due to the team's hinting at a significant announcement during the conference.
