A modest reversal of Friday night’s carnage is underway in crypto markets after some reassuring trade war-related comments from both Beijing and Washington.
The setbacks began Saturday night when China’s Ministry of Commerce said its land export controls are not blanket bans and that eligible applications will continue to receive licenses. The agency also said it expected those controls would have only a “minimal impact” on global production and supply chains.
Meanwhile, in DC, Vice President Vance said Sunday morning that President Trump appreciates his friendship with Chinese Premier Xi Jinping and is willing to be a reasonable negotiator with that country.
The news has caused a rebound in cryptocurrencies, with bitcoin returning to just under $114,000, up about 2% in the last 24 hours. In the alternative sector, much more affected, the movements are more considerable, with ether solarium and all ahead in the 5%-7% area.
Needless to say, the rebound has erased only a modest portion of the losses since Trump’s trade war threats on Friday tanked markets. Over the past week, bitcoin is down 7.5%, ether is down 10%, XRP and SOL are down 16%, and DOGE is down 19%.
