Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

United States President Donald Trump confirmed connected Sunday that helium is gathering with China’s President Xi Jinping astatine the Asia-Pacific Economic Cooperation (APEC) acme successful Seoul, Korea, slated to statesman connected October 31.

“We're going to conscionable successful a mates of weeks. We're going to conscionable successful South Korea, with president Xi and different people, too,” Trump told Maria Bartiromo of Fox News, pursuing a de-escalation of commercialized tensions betwixt China and the US. Trump said connected Sunday:

“[Xi Jinping] is simply a precise beardown leader, a precise astonishing man. You tin look astatine what he's done, wherever helium is successful his life. It is an astonishing story. It's a communicative for a large movie. I deliberation we're gonna beryllium good with China, but we person to person a just deal. It's going to beryllium fair.”

Donald Trump talks to Maria Bartiromo astir the upcoming gathering with Xi Jinping and settling commercialized disputes betwixt the 2 countries. Source: Fox News

Trump antecedently said determination was “no reason” to conscionable Xi Jinping astatine the APEC acme successful South Korea, followed by an announcement of further commercialized tariffs connected China, which sent crypto markets into a downward spiral, wiping distant 99% of worth connected immoderate altcoins.

The societal media posts from Trump ignited a cascade of astir $20 cardinal successful liquidations successful the crypto derivatives marketplace — the worst crypto liquidation lawsuit successful past — which was exacerbated by a cleanable tempest of leverage, bladed liquidity, and excessive risk.

Related: Trump confirms US is successful a commercialized warfare with China

Crypto marketplace reacts to de-escalation of commercialized tensions

The terms of Bitcoin (BTC) roseate by astir 2% connected Sunday, pursuing Trump’s comments, and BTC wasn’t unsocial successful seeing humble gains.

Crypto rallied crossed the board, with Ether (ETH) and BNB (BNB) each signaling a summation of astir 3.5%, with Solana’s SOL (SOL) rising by astir 4%, astatine the clip of this writing, according to data from TradingView.

Cryptocurrencies rallied crossed the committee connected Sunday. Source: TradingView

Market sentiment deed a six-month low successful the aftermath of the historical crypto marketplace clang and investor fears of a protracted commercialized war betwixt the US and China.

The Crypto Fear and Greed indicator dropped to a debased of 22 connected Friday, signaling “Extreme Fear” and capitalist caution regarding the crypto market.

However, analysts astatine the Kobeissi Letter forecast a short-lived marketplace downturn owed to method factors and said that the semipermanent bull inclination is inactive intact.

Magazine: Quitting Trump’s apical crypto occupation wasn’t easy: Bo Hines