European markets closed significantly higher, with Spain's Ibex leading the gains, despite a 30% slump in Bitcoin prices. The downturn in the cryptocurrency market, coupled with Nvidia's stock decline and U.S. tariff pressures on energy infrastructure, has created a risk-off environment. Market analysts suggest that a longer consolidation period may be necessary before sustainable inflows return to the crypto sector. The U.S. tariffs are increasing steel and equipment costs for oil and gas projects by 2–5%, complicating capital planning and potentially raising long-term breakeven levels. In contrast, China's solar installations surged by 30% in October, indicating a potential record pace for 2024.