US President Donald Trump confirmed on Sunday that he will meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, Korea, scheduled to begin on October 31.
“We’ll meet in a couple of weeks. We’ll meet in South Korea, with President Xi and other people as well,” Trump said. said Fox News’ Maria Bartiromo, following a reduction in trade tensions between China and the United States. Trump said on Sunday:
“[Xi Jinping] He is a very strong leader, an incredible man. You can see what he’s done, where he is in his life. It’s an amazing story. It’s a story for a great movie. I think we will be fine with China, but we have to reach a fair agreement. “It’s going to be fair.”
Trump previously saying There was “no reason” to meet Xi Jinping at the APEC summit in South Korea, followed by an announcement of additional trade tariffs on China, which sent crypto markets into a downward spiral, wiping out 99% of the value of some altcoins.
Trump’s social media posts sparked a cascade of nearly $20 billion in liquidations in the crypto derivatives market (the worst cryptocurrency liquidation event in history) that was exacerbated by a perfect storm of leverage, poor liquidity, and excessive risk.
Related: Trump confirms that the United States is in a trade war with China
Crypto Market Reacts to Easing Trade Tensions
The price of Bitcoin (BTC) rose about 2% on Sunday, following Trump’s comments, and BTC wasn’t the only one to see modest gains.
Cryptocurrencies rallied across the board, with Ether (ETH) and BNB (BNB) each posting a gain of around 3.5%, with Solana’s SOL (SOL) rising nearly 4%, at the time of writing, according to data from TradingView.
Market sentiment hit a six-month low in the wake of the historic cryptocurrency market crash and investor fears of a prolonged trade war between the United States and China.
The Crypto Fear and Greed indicator fell to a low of 22 on Friday. signaling “Extreme fear” and investor caution regarding the cryptocurrency market.
However, analysts at Kobeissi Letter predicted a brief market decline due to technical factors and said the long-term bullish trend remains intact.
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