A significant development in the ongoing trade tensions between the United States and China has emerged, as US President Donald Trump confirmed that he will be meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, scheduled to begin on October 31. This announcement comes on the heels of a de-escalation of trade tensions between the two nations, which had previously sent crypto markets into a downward spiral.
Trump revealed the meeting in an interview with Fox News’ Maria Bartiromo, stating, “We’ll be meeting in a few weeks. We’ll be meeting in South Korea, including with President Xi and other people.” He also expressed admiration for Xi Jinping, describing him as “a very strong leader, a very amazing man. You can see what he has done and where he is in his life. It’s an amazing story. It’s a story for a great film. I think we will get along with China, but we have to have a fair deal. It will be fair.” 
Impact on Crypto Markets
Prior to this announcement, Trump had stated that there was “no reason” to meet Xi Jinping at the APEC summit, which was followed by the introduction of additional trade tariffs against China. This move triggered a significant downturn in crypto markets, with a nearly $20 billion liquidation cascade in the crypto derivatives market – the worst crypto liquidation event in history. The event was exacerbated by a combination of leverage, low liquidity, and excessive risk.
However, following Trump’s confirmation of the meeting, the crypto market has begun to react positively. The price of Bitcoin (BTC) rose about 2% on Sunday, with other cryptocurrencies such as Ether (ETH) and BNB (BNB) also posting gains of around 3.5%. Solana’s SOL (SOL) saw a notable increase, rising nearly 4% according to data from TradingView at the time of writing. 
Market Sentiment and Analyst Predictions
Market sentiment had fallen to a six-month low amid the crypto market’s historic crash and investors’ fears of a protracted trade war between the US and China. The Crypto Fear & Greed indicator fell to a low of 22 on Friday, signaling “extreme fear” and investor caution regarding the crypto market. However, analysts from the Kobeissi Letter predict a short-term market downturn due to technical factors, while maintaining that the long-term uptrend is still intact.
For more information on the meeting between Trump and Xi Jinping and its impact on the crypto market, visit https://cointelegraph.com/news/trump-confirms-meeting-xi-jinping-oct-31-market-surge?utm_source=rss_feed&utm_medium=rss_tag_altcoin&utm_campaign=rss_partner_inbound
