Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

The de-escalation of tensions and growing odds of a trade deal between the US and China are positive price catalysts for cryptocurrencies.

United States President Donald Trump confirmed on Sunday that he is meeting with China’s President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul, Korea, slated to begin 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 said on Sunday:

Trump previously said there was “no reason” to meet Xi Jinping at the APEC summit in South Korea, followed by an announcement of additional trade tariffs on China, which sent crypto markets into a downward spiral, wiping away 99% of value on some altcoins.

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