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 will meet in a few weeks. We will meet in South Korea, with president Xi and different folks, too,” Trump advised Maria Bartiromo of Fox Information, following a de-escalation of commerce tensions between China and the US. Trump mentioned on Sunday:
“[Xi Jinping] is a really sturdy chief, a really wonderful man. You may take a look at what he is performed, the place he’s in his life. It’s an incredible story. It is a story for a fantastic film. I believe we’re gonna be high quality with China, however we have now to have a good deal. It will be honest.”
Trump beforehand mentioned there was “no cause” to satisfy Xi Jinping on the APEC summit in South Korea, adopted by an announcement of further commerce tariffs on China, which despatched crypto markets right into a downward spiral, wiping away 99% of worth on some altcoins.
The social media posts from Trump ignited a cascade of practically $20 billion in liquidations within the crypto derivatives market — the worst crypto liquidation occasion in historical past — which was exacerbated by an ideal storm of leverage, skinny liquidity, and extreme danger.
Associated: Trump confirms US is in a commerce warfare 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 acquire of about 3.5%, with Solana’s SOL (SOL) rising by practically 4%, on the time of this writing, in keeping with knowledge from TradingView.
Market sentiment hit a six-month low within the wake of the historic crypto market crash and investor fears of a protracted commerce warfare 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 relating to the crypto market.
Nevertheless, analysts on the Kobeissi Letter forecast a short-lived market downturn because of technical elements and mentioned that the long-term bull pattern remains to be intact.
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