TLDR
- President Trump will meet Chinese President Xi Jinping on October 31 at the APEC summit in Seoul
- Bitcoin gained 2% while Ethereum and BNB each rose 3.5% after the announcement
- The crypto market is recovering from $20 billion in liquidations caused by earlier trade war fears
- September CPI inflation data releases Friday, key for Federal Reserve rate decisions
- Tesla, Netflix, and Intel report earnings this week alongside other major companies
President Donald Trump confirmed Sunday he will meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation summit. The meeting is scheduled for October 31 in Seoul, South Korea.
Trump announced the summit during a Fox News interview. He called Xi “a very strong leader” and expressed confidence the countries would reach a fair trade agreement.
Cryptocurrency markets responded positively to the news. Bitcoin price increased 2% immediately following Trump’s comments.
Ethereum and BNB each climbed approximately 3.5%. Solana rose nearly 4% according to data from TradingView.
The announcement marks a change from Trump’s earlier position. He previously said there was “no reason” to meet Xi at the APEC summit.
Treasury Secretary Scott Bessent confirmed relations with Beijing have “de-escalated.” He plans to meet with Chinese Vice Premier He Lifeng this week.
Trump also walked back his aggressive tariff stance. He described his threatened tariff levels on China as “not sustainable.”
The administration recently exempted dozens of products from reciprocal tariffs. More exemptions may follow.
Crypto Market Recovers From Historic Liquidation Event
The crypto market is rebounding from severe losses earlier this month. Trump’s announcement of additional China tariffs triggered nearly $20 billion in crypto derivatives liquidations.
The event became the worst crypto liquidation in history. Some altcoins lost 99% of their value during the crash.
Market sentiment reached a six-month low following the crash. The Crypto Fear and Greed indicator fell to 22 on Friday, indicating “Extreme Fear” among investors.
Analysts at the Kobeissi Letter predict the downturn will be temporary. They believe the long-term bull trend for cryptocurrencies remains intact.
Key Economic Data and Tech Earnings This Week
The Bureau of Labor Statistics will release September Consumer Price Index data on Friday. The report was delayed over a week due to the ongoing government shutdown.
The government shutdown has entered its third week. Democrats and Republicans continue debating federal healthcare subsidies.
The CPI data could shape the Federal Reserve’s upcoming interest rate decision. The Fed meets next week to determine monetary policy.
Economists expect inflation to remain elevated. The September CPI represents the final major economic indicator before the Fed meeting.
Major technology companies report quarterly earnings this week. Netflix releases results Tuesday, followed by Tesla on Wednesday.
Intel reports Thursday after its stock surged on recent deals. The chipmaker secured a partnership with Nvidia and investment from the US government.
Automakers Ford and General Motors also report earnings. Both companies likely benefited from consumers claiming expiring EV tax credits.
Stock market futures rose Monday morning. Dow Jones futures increased 0.2% while S&P 500 and Nasdaq 100 futures gained 0.3% and 0.4% respectively.
Traders view the de-escalation between the US and China as positive for markets. Growing odds of a trade deal between the two countries support cryptocurrency prices.
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