Cryptocurrencies Recover on USA-China Summit News
United States President Donald Trump has confirmed that he will meet with China’s President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Seoul, South Korea, scheduled to begin on October 31. Speaking to Maria Bartiromo on Fox News, Trump said, “We’re going to meet in a couple of weeks. We’re going to meet in South Korea, with President Xi and other people, too.”
The announcement comes after recent signs of easing tensions between Washington and Beijing following months of escalating trade rhetoric. Trump expressed optimism about the meeting, adding, “[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.”
Market rebounds after historic crash
The news marked a sharp contrast to Trump’s earlier tone. Just days prior, he had claimed there was “no reason” to meet Xi at the summit and announced new trade tariffs on China — a move that triggered a severe downturn across cryptocurrency markets. His social media posts at the time led to nearly $20 billion in liquidations, making it the worst cryptocurrency derivatives wipeout in history, as overleveraged positions collapsed amid falling liquidity.
Following the latest comments signaling reconciliation, Bitcoin rose by roughly 2%, while Ether and BNB each gained around 3.5%, and Solana climbed by nearly 4%, according to data from TradingView.
Cautious optimism among investors
The broader crypto sentiment remains fragile, however. After the crash, the Crypto Fear & Greed Index fell to 22, reflecting “Extreme Fear” and widespread investor caution. Despite this, analysts at the Kobeissi Letter suggested that the downturn may be short-lived, driven mainly by technical factors rather than long-term fundamentals, and projected that the broader bull trend remains intact.
The upcoming meeting between Trump and Xi is now seen as a critical moment that could either stabilize global markets or reignite uncertainty, depending on whether the two leaders manage to find common ground on trade policy.
Sources:
https://cointelegraph.com/news/trump-confirms-meeting-xi-jinping-oct-31-market-surge
https://truthsocial.com/@realDonaldTrump/posts/115350455734003647
https://alternative.me/crypto/fear-and-greed-index/