Bitcoin prices rose after US President Donald Trump announced that he will meet with Chinese President Xi Jinping face-to-face next week to discuss customs duties.
White House Press Secretary Karoline Leavitt confirmed that Trump will meet with Chinese President Xi on October 30 as part of the APEC summit in South Korea. “On Thursday morning local time, President Trump will hold a bilateral meeting with President Xi of the People’s Republic of China,” she said.
The meeting comes just 48 hours before the US is set to hike tariffs on Chinese imports by 100%. The leaders last met in person in 2019 and have spoken by phone three times since Trump took office for the second time.
Trump has long maintained that direct talks with Xi are the “best way” to resolve issues on trade, export restrictions, agricultural product purchases, and geopolitical issues like Taiwan. In recent statements, he has suggested that a meeting with Xi would result in “a good agreement on all issues.”
Driven by diplomatic optimism in the markets, Bitcoin’s price also rose. The largest cryptocurrency rose 3.33% in the last 24 hours to $111,212. The rise in the last hour exceeded 1%.
Chart showing the rise in BTC price.
White House spokesperson Leavitt also spoke about the recent presidential pardon granted to Binance founder Changpeng Zhao, saying, “This case was an extreme example; President Trump exercised his constitutional authority.”
*This is not investment advice.
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