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 superb man. You possibly can have 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 incredible film. I feel we’re gonna be tremendous with China, however we’ve got to have a good deal. It is going to be truthful.”
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 almost $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 threat.
Associated: Trump confirms US is in a commerce battle 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 almost 4%, on the time of this writing, in response to 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 battle between the US and China.
The Crypto Concern and Greed indicator dropped to a low of twenty-two on Friday, signaling “Excessive Concern” and investor warning concerning the crypto market.
Nonetheless, analysts on the Kobeissi Letter forecast a short-lived market downturn as a result of technical elements and mentioned that the long-term bull development remains to be intact.
Journal: Quitting Trump’s high crypto job wasn’t straightforward: Bo Hines
