Trump confirms meeting with Xi Jinping! Easing expectations between China and the US ignite the crypto market, with bitcoin leading the rally!

Trump Confirms Meeting with Xi Jinping on October 31, Crypto Market Rises Immediately

As US-China relations ease and the possibility of a trade agreement increases, cryptocurrency prices have been positively boosted.

US President Donald Trump confirmed on Sunday that he will meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, on October 31.

In an interview with Fox News host Maria Bartiromo, Trump said, after the easing of US-China trade tensions: "We will meet in a few weeks, we will meet with President Xi in Korea, as well as some others."

Trump stated: "Xi Jinping is a very strong leader, a truly remarkable person. Look at what he has achieved, his life journey, it's truly amazing. It's almost like a great movie. I think we will be fine with China, but we must reach a fair agreement—this time it will be fair."

Donald Trump talks to Maria Bartiromo about the upcoming meeting with Xi Jinping and settling trade disputes between the two countries. Source:  Fox News

Previously, Trump had stated there was "no reason" to meet with Xi Jinping at the APEC summit and announced additional trade tariffs on China, causing the crypto market to plummet, with some altcoins losing up to 99% of their value.

Trump's social media remarks at that time triggered about $20 billions in liquidations in the crypto derivatives market, marking the most severe liquidation event in crypto history, caused by high leverage, insufficient liquidity, and excessive risk.

Crypto Market Reacts to Easing Tensions

After Trump's speech, the price of bitcoin rose about 2% on Sunday, while other major cryptocurrencies also rebounded. Ethereum (ETH) and Binance Coin (BNB) both rose about 3.5%, and Solana (SOL) increased nearly 4%, according to TradingView data.

Cryptocurrencies rallied across the board on Sunday. Source:  TradingView

After this historic crash and investors' concerns about a prolonged US-China trade war, market sentiment had previously fallen to a six-month low.

The "Crypto Fear & Greed Index" dropped to 22 last Friday, indicating the market was in a state of "extreme fear," with investors being extremely cautious.

However, analysts at The Kobeissi Letter believe that the market decline is only a short-term technical correction, and the long-term bull market trend remains intact.