The primary catalyst was Donald Trump’s decision to pause his ‘reciprocal’ tariffs on over 70 countries, easing worries that the U.S. was heading toward a major recession, given that it is one of the largest importers globally.
Bitcoin and other altcoin prices also rose after the encouraging consumer inflation data. The headline inflation dropped from 2.8% to 2.4%, while the core figure fell from 3.1% to 2.8%.