United States President Donald Trump confirmed on Sunday that he will meet with Xi Jinping, the President of China, during the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, Korea, starting on October 31.

“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,” Trump told Maria Bartiromo of Fox News, following a de-escalation of trade tensions between China and the US. Trump remarked:

"[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 previously stated he saw no need to meet Xi in South Korea, coming after he announced more trade tariffs on China, which caused a downturn in crypto markets, erasing almost all value of some altcoins.

His social media activity led to a cascade of nearly $20 billion in liquidations in the crypto derivatives market—the worst liquidation event in the market’s history—aggravated by excessive leverage and low liquidity.

Crypto Market Response to Eased Trade Tensions

The Bitcoin price (BTC) increased by about 2% on Sunday following Trump’s announcements, with other cryptocurrencies like Ether (ETH) and BNB rising roughly 3.5% each, while Solana (SOL) jumped almost 4%. This data, sourced from TradingView, highlights the positive trend.

The market mood hit a six-month low due to the prior crypto market collapse, with fear surrounding a possible prolonged trade war between the US and China.

The Crytpo Fear and Greed index fell to a troubling 22 on Friday, indicating an atmosphere of “Extreme Fear” among investors.

However, the Kobeissi Letter speculates that the downturn will be short-lived, backed by technical indicators, maintaining the prevailing bullish trend.