The cryptocurrency market is witnessing growth against the backdrop of positive trade negotiation news between the US and China, as well as anticipated inflation data.
US-China Trade Talks
The primary catalyst for Bitcoin and other altcoins is the ongoing [trade talks in Switzerland](https://crypto.news/today-crypto-altcoins-bitcoin-trade-update-us-china/). The first day concluded without major announcements, but President Trump lauded '[great progress](https://truthsocial.com/@realDonaldTrump/posts/114486066663976973)'. While the US remains optimistic, Beijing has adopted a more cautious stance, with its state news agency warning against any proposals that threaten its core principles. Analysts suggest that reaching a trade deal or de-escalation would mitigate recession risks.
US Inflation Data
The next major catalyst for Bitcoin and altcoins will be Wednesday, when the US Bureau of Labor Statistics publishes the Consumer Price Index (CPI) report. The report is expected to show an increase in consumer prices for April, with forecasts predicting a rise from 2.4% in March to 2.5% in April. Goldman Sachs analysts expect US inflation to rise further, ending the year at 3.8%. Cryptos typically react to inflation data due to its impact on the Federal Reserve.
Consensus Event in Toronto
Another top catalyst for the crypto market will be the upcoming Consensus event in Toronto, which will gather influential figures in the industry. Key speakers include Cardano’s Charles Hoskinson, Robert Hines, Eric Trump, Chainlink’s Sergey Nazarov, and Anthony Scaramucci. Historically, such events have served as platforms for companies to announce partnerships and deals affecting token prices. For instance, Pi Network ([PI](https://crypto.news/price/pi-network/)) price surged after the Core Team hinted at a major announcement during the event.
In conclusion, it is evident that the ongoing trade talks, forthcoming inflation data, and the upcoming Consensus event significantly influence the cryptocurrency market, including Bitcoin and altcoins.
