A slight reversal of Friday night’s carnage in crypto markets is underway after some calming trade war-related remarks from Beijing and Washington.
The setbacks began late Saturday when China’s Commerce Ministry said its export controls did not constitute blanket bans and that eligible applications would continue to receive licenses. The agency further said it expected these controls to have “minimal impact” on global production and supply chains.
Meanwhile, in Washington DC, Vice President Vance said Sunday morning that President Trump values his friendship with Chinese Prime Minister Xi Jinping and is willing to be a reasonable negotiator with that country.
The news sparked a rebound in crypto, with bitcoin coming in at just under $114,000, up about 2% in the last 24 hours. In the alternative sector, much harder hit, movements are greater, with ether Solana And all ahead in the 5 to 7% zone.
Needless to say, the rebound has erased only a modest portion of the losses since Trump’s trade war threats on Friday sent markets tumbling. Over the past week, bitcoin is down 7.5%, ether is down 10%, XRP and SOL are down 16%, and DOGE is down 19%.
