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’ll meet in a few weeks. We’ll meet in South Korea, with president Xi and different individuals, too,” Trump instructed Maria Bartiromo of Fox Information, following a de-escalation of commerce tensions between China and the US. Trump stated on Sunday:
“[Xi Jinping] is a really robust chief, a really wonderful man. You possibly can take a look at what he is carried out, the place he’s in his life. It’s an incredible story. It is a story for an awesome film. I believe we’re gonna be wonderful with China, however we have now to have a good deal. It will be honest.”
Trump beforehand stated there was “no motive” to satisfy Xi Jinping on the APEC summit in South Korea, adopted by an announcement of extra 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 features.
Crypto rallied throughout the board, with Ether (ETH) and BNB (BNB) every recording a achieve of about 3.5%, with Solana’s SOL (SOL) rising by almost 4%, on the time of this writing, in keeping with information 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 resulting from technical elements and stated that the long-term bull development continues to be intact.
Journal: Quitting Trump’s high crypto job wasn’t simple: Bo Hines
