United States President Donald Trump has confirmed that he will meet Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, starting October 31.
The announcement follows a recent de-escalation in trade tensions between the two countries.
Trump confirms summit with Xi
During an interview with Fox News’ Maria Bartiromo, Trump stated:
“[Xi Jinping] is a very strong leader, a very amazing man. You can look at what he’s done, where he is in his life. It is an amazing story. It’s a story for a great movie. I think we’re gonna be fine with China, but we have to have a fair deal. It’s going to be fair.”
Trump had earlier suggested there was “no reason” to meet Xi at the summit, coinciding with new trade tariff threats that triggered a significant market downturn and a wave of liquidations across digital asset derivatives markets.
Bitcoin price and sentiment rebound
Following the announcement, the price of bitcoin rose about 2% on Sunday.
The rally came after a period of extreme fear in the markets, with the bitcoin fear and greed chart dropping to its lowest level in six months.
Historic market crash preceded rally
The recent market turmoil was marked by nearly $20 billion in liquidations, driven by leverage and thin liquidity.
Despite the crash, analysts at the Kobeissi Letter said the downturn was likely technical and that the longer-term bullish trend for bitcoin remains intact.
Market sentiment remains cautious but has improved since Trump’s announcement.
The prospect of eased US-China tensions is viewed as a positive catalyst for risk assets like bitcoin.
