The crypto market surged on Sunday after U.S. President Donald Trump reminded everyone that he would be sitting down with Chinese President Xi Jinping on October 31 at the Seoul gathering of the Asia-Pacific Economic Cooperation (APEC) summit.
Investor confidence picked up as hopes for trade tensions easing between the two large economies grew.
In an interview with Maria Bartiromo on Fox News, Trump said, “We’re going to meet in South Korea with President Xi and other people, too.” He called Xi “a very strong leader” and expressed optimism about reaching a fair trade agreement.
The decision is a reversal of earlier remarks, in which Trump said there was “no reason” to meet with Xi and imposed new tariffs on China. The remarks triggered a sudden sell-off that erased billions from cryptocurrency exchanges and spurred almost 20 billion dollars’ worth of crypto derivative liquidations, the largest ever.
Following the latest remark from Trump, Bitcoin (BTC) rose by approximately 2 percent to $109,172, while Ether (ETH) and BNB rose by some 3.5 percent each. Solana (SOL) rose by nearly 4 percent, according to TradingView data.
Investor sentiment also turned positive. The Crypto Fear and Greed Index, which fell to a six-week low of 22 last week, began to recover following Trump’s comments.
The Kobeissi Letter analysts said that the pullback was only temporary and that the overall crypto bull trend remains in place if trade relations continue to improve.
