U.S.-China détente hopes... virtual asset market edges up slightly

Uk Jin

Summary

U.S. President Donald Trump and Chinese President Xi Jinping officially confirming the schedule for a summit was reported to have driven a slight rebound in the virtual asset market.
Bitcoin was reported to have risen 1.60% from the previous day, while Ethereum and XRP rose 3.05% and 1.50%, respectively.
Positive prospects for U.S.-China trade negotiations were reported to have influenced the recovery of investor sentiment in virtual assets.

U.S. President Donald Trump officially confirmed the schedule for a summit with Chinese President Xi Jinping, prompting a slight rebound in the virtual asset (cryptocurrency) market.

On the 20th (Korea time), according to CoinMarketCap, a virtual asset market data website, as of 8:00 a.m. Bitcoin was trading at $108,914, up 1.60% from the previous day. At the same time, Ethereum (ETH) and XRP were also up 3.05% and 1.50% from the previous day, respectively. Accordingly, the total market capitalization of the virtual asset market rose 1.63% from the previous day to $3.69 trillion.

The rise in the virtual asset market that day was driven by the confirmed meeting between President Trump and President Xi. On the 19th (local time), President Trump said in an interview with Fox News, "I will meet President Xi in a few days at the Asia-Pacific Economic Cooperation (APEC) summit in Seoul," and added, "I want to reach a fair trade agreement." He also said, "(President Xi) is a strong and remarkable leader," and "U.S.-China relations will work out well."

These remarks led to positive prospects for U.S.-China trade negotiations, which appears to have restored investor sentiment in the virtual asset market. Earlier, when President Trump proposed a 100% additional tariff in response to China's rare earth export control measures, the virtual asset market experienced the largest-ever liquidation event.

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