In a recent statement, President Donald Trump announced a forthcoming meeting with Xi Jinping, the President of China, scheduled for the APEC summit in Seoul, South Korea, on October 31. The confirmation of this summit follows a period of increased hope for a potential trade agreement, positively affecting the crypto markets.

Trump expressed optimism about the meeting with Xi, stating:

“[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.”

These comments drove a surge in the prices of major cryptocurrencies, including Bitcoin which saw approximately a 2% increase. Leading cryptocurrencies like Ether and BNB also experienced gains between 3.5% and 4%.

Amidst the fallout from previous trade tensions that had drastically affected market sentiment, this recent development brings a cautious optimism. Investors had been wary following Trump’s earlier remarks and tariffs that heavily impacted altcoins leading to massive liquidations.

The overall market response reflects a rebound in confidence, suggesting that the forthcoming discussions may pave the way for more stable conditions in the cryptocurrency arena.