- Trump confirmed he will meet Xi Jinping at the APEC summit on October 31, triggering a rally across crypto markets.
- Bitcoin climbed ~2 %, while Ethereum, XRP, and altcoins also posted gains as sentiment recouped losses from the prior liquidation wave.
- The meeting is seen as a de-escalation signal in the US-China trade fight, which had roiled markets with tariff threats and export controls.
A positive start to the week, as crypto markets reacted to the de-escalation signal between U.S. and China on Monday morning. The previous evening, Donald Trump confirmed that he will meet Chinese President Xi Jinping on October 31 at the APEC summit in Seoul, South Korea. This reversed his earlier claim that ‘there was no reason’ to meet Xi, renewing hopes of a diplomatic thaw.
Bitcoin (BTC) gained roughly 1.2 % to about $108,020, extending earlier gains. Ethereum (ETH) rose to ~ $3,943, and Binance Coin (BNB) saw a ~3–4 % uptick with broader gains across altcoins. Solana (SOL) jumped nearly 4 %, while XRP also participated in the rebound, recovering after prior losses.
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However, the recovery remains tentative. The broader sentiment is still fragile after last week’s historic $19+ billion liquidation, which hammered leveraged positions and sent many altcoins into steep drawdowns.
Why the meeting matters?
This meeting carries outsized symbolic and strategic weight. The U.S.-China relationship has been a flashpoint for markets, with Trump threatening tariffs of up to 100 % on Chinese imports. China responded with export control actions on rare earths, that are critical for many tech supply chains.
The current U.S.–China standoff centers heavily on rare earths, semiconductors, and export controls, sectors that are the backbone for tech, hardware, chip supply, and broader digital infrastructure. Crypto markets, tightly correlated with tech, are sensitive to disruptions or tariff escalations in those domains.
Moreover, crypto is treated like a high-beta, risk-on asset. So, when macro risk eases, capital can flow back into it. A face-to-face meeting between Trump and Xi signals possible de-escalation or at least dialogue, which can tilt the risk balance in favor of speculation, rather than safe-haven or risk-off allocations. The relief in policy outlook gives a path to rebound.
Asian markets off to a good start
According to CNBC.com, markets in the Asia-pacific region are trading higher as investors digest a slew of economic data. China’s GDP rose 4.8% this quarter, in line with expectations. Hong Kong’s Hang Seng Index was up over 2%, while China’s mainland CSI 300 rose 0.74%.
Japan’s Nikkei 225 rose almost 3% to hit above 49,000 for the first time, while the Topix added 2%, reacting to news of a new coalition government formation by the country’s Liberal Democratic Party and the Japan Restoration Party.
India’s Nifty-Fifty also traded in the green, touching a new 52-week high. Gaining over half a percent in early trade, the Nifty reached levels of 25,845.75, as the country gears up to celebrate Diwali, the festival of lights.
