United States President Donald Trump confirmed on Sunday that he’s assembly with China’s President Xi Jinping on the Asia-Pacific Financial Cooperation (APEC) summit in Seoul, Korea, slated to start on October 31.
“We’ll meet in a few weeks. We’ll meet in South Korea, with president Xi and different individuals, too,” Trump told Maria Bartiromo of Fox Information, following a de-escalation of trade tensions between China and the US. Trump mentioned on Sunday:
“[Xi Jinping] is a really robust chief, a really superb man. You may take a look at what he is accomplished, the place he’s in his life. It’s an incredible story. It is a story for an excellent film. I feel we’re gonna be fantastic with China, however now we have to have a good deal. It will be honest.”
Trump beforehand said there was “no cause” to satisfy Xi Jinping on the APEC summit in South Korea, adopted by an announcement of extra commerce tariffs on China, which sent crypto markets into a downward spiral, wiping away 99% of worth on some altcoins.
The social media posts from Trump ignited a cascade of nearly $20 billion in liquidations in the crypto derivatives market — the worst crypto liquidation occasion in historical past — which was exacerbated by a perfect storm of leverage, skinny liquidity, and extreme danger.
Associated: Trump confirms US is in a trade war with China
Crypto market reacts to de-escalation of commerce tensions
The worth of Bitcoin (BTC) rose by about 2% on Sunday, following Trump’s feedback, and BTC wasn’t alone in seeing modest positive factors.
Crypto rallied throughout the board, with Ether (ETH) and BNB (BNB) every recording a achieve of about 3.5%, with Solana’s SOL (SOL) rising by practically 4%, on the time of this writing, in keeping with data from TradingView.
Market sentiment hit a six-month low in the wake of the historic crypto market crash and investor fears of a protracted trade war between the US and China.
The Crypto Worry and Greed indicator dropped to a low of twenty-two on Friday, signaling “Excessive Worry” and investor warning concerning the crypto market.
Nonetheless, analysts on the Kobeissi Letter forecast a short-lived market downturn as a consequence of technical components and mentioned that the long-term bull pattern continues to be intact.
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