On Sunday, United States President Donald Trump announced that he is set to meet with China’s President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, Korea, commencing on October 31.
“We’re going to meet in a couple of weeks. We’re going to meet in South Korea, with President Xi and other people, too,” Trump stated during an interview with Maria Bartiromo of Fox News, following a cooling of trade tensions between the US and China. Trump further remarked:
“[Xi Jinping] is a very strong leader, a very amazing man. You can observe his achievements and where he stands in life. It’s quite an inspiring story. It’s a narrative worthy of a great film. I believe we will manage well with China, but we must ensure that the deal is equitable. It has to be fair.”
Previously, Trump mentioned that there was “no reason” to engage with Xi Jinping at the APEC summit in South Korea, shortly before announcing additional trade tariffs on China, which triggered a major downturn in crypto markets, erasing 99% of value for some altcoins.
Trump’s social media statements catalyzed a chain reaction leading to nearly $20 billion in liquidations in the crypto derivatives market — the most significant liquidation event in crypto history — made worse by a combination of leverage, low liquidity, and high risk.
Related: Trump affirms US is engaged in a trade war with China
Crypto market responds to easing trade tensions
The crypto market surged broadly, with Ether (ETH) and BNB (BNB) both seeing gains around 3.5%, and Solana’s SOL (SOL) climbing nearly 4%, at the time of this writing, according to data from TradingView.
Market sentiment reached a six-month low following the unprecedented crypto market collapse and growing concerns over a prolonged trade war between the US and China.
The Crypto Fear and Greed index fell to a low of 22 on Friday, indicating “Extreme Fear” and a cautious investor outlook toward the crypto market.
Nevertheless, analysts from the Kobeissi Letter project that the market downturn will be temporary due to technical factors, asserting that the long-term bullish trend remains intact.
Magazine: Exiting Trump’s chief crypto role was challenging: Bo Hines
