Global crypto markets surged over the weekend after U.S. President Donald Trump confirmed he will meet with China’s President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit, scheduled to take place in Seoul, South Korea, beginning October 31.
Speaking with Fox News host Maria Bartiromo, Trump said, “We’re going to meet in a couple of weeks in South Korea — with President Xi and others as well.” The statement comes amid signs of easing trade tensions between Washington and Beijing.
Praising his Chinese counterpart, Trump added, “Xi Jinping is a very strong leader and a remarkable man. You can look at his story — it’s like something out of a great movie. I believe we’ll be fine with China, but we need a fair deal. It has to be fair.”
The announcement marked a sharp shift in tone from previous weeks. Earlier in October, Trump had claimed there was “no reason” to meet Xi at APEC, and soon after, his administration floated new tariff measures against China. Those comments triggered a massive sell-off across the crypto market, with some altcoins losing nearly their entire value.
That turmoil led to one of the worst liquidation waves in crypto history — over $20 billion in positions were wiped out as over-leveraged traders were caught in cascading margin calls amid thin market liquidity.
Crypto Prices Bounce Back
Following Trump’s latest remarks, the crypto market saw an immediate reaction. Bitcoin (BTC) climbed roughly 2% to around $109,080, while Ethereum (ETH) rose 3.5% to nearly $3,990. Binance Coin (BNB) and Solana (SOL) also gained momentum, with BNB trading above $1,118 and SOL jumping almost 4% to $189, according to TradingView data.
The rebound followed one of the most pessimistic weeks for investor sentiment in months. The Crypto Fear and Greed Index had plunged to 22, indicating “Extreme Fear” after the market crash and uncertainty surrounding U.S.–China trade policy.
Still, analysts are optimistic that the downturn was temporary. Research firm The Kobeissi Letter noted that technical pressures, not fundamentals, caused the sell-off, and predicted that the long-term bullish trajectory for digital assets remains intact.
With global attention now turning to the October 31 Trump–Xi summit, investors are watching closely. A successful diplomatic meeting could not only ease trade tensions but also restore confidence across both traditional and crypto markets heading into the final quarter of the year.
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