US President Donald Trump confirmed on Sunday that he’ll meet with Chinese President Xi Jinping on the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, scheduled to start on October 31.
“We'll be meeting in a couple of weeks. We'll be meeting in South Korea, including with President Xi and other people,” Trump told Fox News' Maria Bartiromo following a de-escalation of trade tensions between China and the United States. Trump said on Sunday:
“[Xi Jinping] is a really strong leader, a really amazing man. You can see what he has done and where he’s in his life. It's an incredible story. It's a story for an ideal film. I believe we’ll get together with China, but we now have to have a good deal. It will probably be fair.”Donald Trump speaks with Maria Bartiromo concerning the upcoming meeting with Xi Jinping and the resolution of trade disputes between the 2 countries. Source: Fox News
Trump previously said there was “no reason” to fulfill Xi Jinping on the APEC summit in South Korea, which was followed by the announcement of additional trade tariffs against China, sending crypto markets right into a downward spiral and wiping out 99% of the worth of some altcoins.
Trump's social media posts triggered a virtually $20 billion liquidation cascade within the crypto derivatives market – the worst crypto liquidation event in history – exacerbated by an ideal storm of leverage, low liquidity and excessive risk.
The crypto market is reacting to the de-escalation of trade tensions
The price of Bitcoin (BTC) rose about 2% on Sunday following Trump's comments, and BTC wasn't the just one to see modest gains.
Crypto rallied across the board, with Ether (ETH) and BNB (BNB) each posting gains of around 3.5%, with Solana's SOL (SOL) rising nearly 4%, in response to data from TradingView on the time of writing.
Market sentiment fell to a six-month low amid the crypto market's historic crash and investors' fears of a protracted trade war between the US and China.
The Crypto Fear and Greed Indicator fell to a low of twenty-two on Friday, signaling “extreme fear” and investor caution regarding the crypto market.
However, Kobeissi Letter analysts predict a short-term market downturn on account of technical aspects and say the long-term uptrend continues to be intact.
