On Sunday, President Donald Trump announced his upcoming meeting with China’s President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, Korea, which is set to commence on October 31.
“We’re going to meet in a couple of weeks in South Korea, with President Xi and others as well,” Trump informed Maria Bartiromo of Fox News, noting the easing of trade tensions between China and the US. He remarked:
“[Xi Jinping] is a very strong leader, a remarkable individual. Consider his achievements and where he stands today. It’s an incredible narrative — a story worthy of a movie. I believe we will reach an agreement with China, but it has to be equitable. It will be fair.”
Previously, Trump stated that there was “no reason” to meet Xi Jinping at the APEC summit in South Korea, just before announcing additional trade tariffs on China, which contributed to a significant downturn in crypto markets, erasing 99% of the value in some altcoins.
The social media remarks from Trump triggered nearly $20 billion in liquidations within the crypto derivatives market — marking the most severe liquidation event in cryptocurrency history — compounded by a perfect convergence of leverage, limited liquidity, and heightened risk.
Related: Trump affirms that the US is in a trade conflict with China
Crypto market responds to easing trade tensions
Following Trump’s statements, the price of Bitcoin (BTC) increased by about 2% on Sunday, with BTC not being the only cryptocurrency to see modest increases.
The entire crypto market rebounded, as Ether (ETH) and BNB (BNB) each rose by roughly 3.5%, while Solana’s SOL (SOL) climbed nearly 4%, as of this writing, according to data from TradingView.
Market sentiment reached a six-month low following the unprecedented crash in the crypto market, accompanied by concerns over a prolonged trade war between the US and China.
The Crypto Fear and Greed index fell to 22 on Friday, indicating “Extreme Fear” among investors in the crypto sector.
Nonetheless, analysts at the Kobeissi Letter predict that the market downturn will be brief due to technical reasons and maintain that the long-term bullish trend remains intact.
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