Crypto markets surge as Trump confirms October 31 summit with Xi Jinping
Crypto markets experienced a surge following President Donald Trump's confirmation of a meeting with China's President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit on October 31 in Seoul. The decision to engage in dialogue signals potential de-escalation of trade tensions between the US and China, which has positively influenced cryptocurrency prices. On the day of the announcement, Bitcoin rose by approximately 2%, while other cryptocurrencies like Ethereum and BNB recorded gains around 3.5%. This market rally was particularly notable given the recent history of a significant liquidation event in the crypto derivatives market that had led to drastic declines in altcoin values. Additionally, the Crypto Fear and Greed indicator had reached a low of 22, indicating “Extreme Fear” among investors prior to the news. Analysts remain optimistic about the long-term bullish trend for cryptocurrencies despite short-term fluctuations.
Source 🔗