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, which is scheduled to begin on October 31.
“We’re going to meet in a few weeks. We’re going to meet in South Korea, with President Xi and others as well,” Trump said. said Maria Bartiromo of Fox News, following a de-escalation of trade tensions between China and the United States. Trump said on Sunday:
“[Xi Jinping] is a very strong leader, a truly extraordinary man. You can look at what he’s done, where he’s at in his life. It’s an incredible story. It’s the story of a great film. I think everything will be fine with China, but we need to reach a fair deal. It will be fair. »
Trump before said there was “no reason” to meet Xi Jinping at the APEC summit in South Korea, followed by the announcement of additional tariffs on China, which sent crypto markets into a downward spiralerasing 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 crypto liquidation event in history – which was exacerbated by a perfect storm of leveragelow liquidity and excessive risk.
Related: Trump confirms that the United States is engaged in a trade war with China
Crypto market reacts to de-escalation of 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.
Crypto has recovered across the board, with Ether (ETH) and BNB (BNB) each recording a gain of around 3.5%, with Solana’s SOL (GROUND) up nearly 4%, at the time of writing, according to data from TradingView.
Market sentiment at six-month low following the historic crypto market crash and investors fear a prolonged trade war between the United States and China.
The Crypto Fear and Greed indicator fell to a low of 22 on Friday, signage “Extreme fear” and investor caution regarding the crypto market.
However, the analysts of the Kobeissi Letter predict a short-term market slowdown due to technical factors and said the long-term uptrend is still intact.
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