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 informed Maria Bartiromo of Fox Information, following a de-escalation of commerce tensions between China and the US. Trump mentioned on Sunday:
“[Xi Jinping] is a really robust chief, a really superb man. You’ll be able to have a look at what he is achieved, the place he’s in his life. It’s a tremendous story. It is a story for a terrific film. I believe we’re gonna be advantageous with China, however we’ve to have a good deal. It may be truthful.”
Trump beforehand mentioned there was “no motive” to fulfill 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 danger.
Associated: Trump confirms US is in a commerce warfare 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 acquire of about 3.5%, with Solana’s SOL (SOL) rising by almost 4%, on the time of this writing, based on knowledge 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 warfare between the US and China.
The Crypto Worry and Greed indicator dropped to a low of twenty-two on Friday, signaling “Excessive Worry” and investor warning relating to the crypto market.
Nonetheless, analysts on the Kobeissi Letter forecast a short-lived market downturn because of technical elements and mentioned that the long-term bull pattern continues to be intact.
Journal: Quitting Trump’s high crypto job wasn’t simple: Bo Hines
