Summary
- Reported that Bitcoin (BTC) and European stocks rose together on news that the Trump-Xi summit schedule was confirmed.
- It said U.S.-China trade tensions are expected to be a major agenda item and that, depending on the meeting's outcome, tariff policy could be changed.
- The market interprets the meeting as a signal of easing trade tensions, but said volatility in risk assets is likely to persist ahead of the U.S. inflation data release.
The schedule for a meeting between U.S. President Donald Trump and Chinese President Xi Jinping was confirmed, leading to a simultaneous rise in Bitcoin (BTC) and European stocks.
On the 24th (local time), according to CoinDesk, Bitcoin (BTC) traded above 111,000 dollars in the European market that morning. This came immediately after the White House officially announced that President Trump and President Xi would hold a meeting during the Asia-Pacific Economic Cooperation (APEC) summit in Korea on October 30 (local time).
The meeting will be the first face-to-face meeting between the two leaders since President Trump took office, and the recently heightened U.S.-China trade tensions are expected to be a major agenda item. President Trump has warned that, in response to China limiting rare earth exports, he would impose an additional 100% tariff on Chinese imports. The measure is scheduled to take effect on November 1 and could be changed depending on the outcome of the meeting.
European stocks also rose alongside Bitcoin. The Euro STOXX 50 index rose 0.25%, and Germany's DAX index rose 0.15%. S&P 500 futures also rose 0.3%, showing a recovery in risk appetite. Meanwhile, gold prices fell nearly 1% to 4089 dollars per ounce.
The rise appears to reflect the market's interpretation of the U.S.-China summit as a signal of easing trade tensions. However, volatility across risk assets is expected to persist ahead of the U.S. inflation data release.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
