A slow reversal from Friday night’s crypto market carnage is underway as trade war-related rhetoric from both China and Washington subsides.
The walkback began late Saturday, when China’s Ministry of Commerce said its rate-earth export controls were not a blanket ban and that eligible applications would continue to receive licenses. The agency also predicted that the regulations would have a “minimal” impact on global production and supply chains.
Meanwhile, in Washington, D.C., Vice President Vance said Sunday morning that President Trump values his friendship with Chinese Prime Minister Xi Jinping and is prepared to be a rational negotiator with the country.
This news sparked a rebound in cryptocurrencies as a whole, including Bitcoin. BTC$113,773.81 It’s up about 2% in the past 24 hours, back to just under $114,000. Ether movements will be even larger in the alternative sector, which has been hit much harder. Ethereum$4,073.94Solana sol$192.51 and doge$0.2058 All are leading in the 5% to 7% area.
Needless to say, the rally only erased a small portion of the losses since President Trump announced his trade war threat during Friday’s market downturn. Over the past week, Bitcoin is down 7.5%, Ether is down 10%, XRP and SOL are down 16%, and DOGE is down 19%.
