Trump Says Meeting with China May Not Happen, Bitcoin Drops

U.S. President Donald Trump has cast doubts over his meeting with China’s President Xi Jinping. This led to a sharp drop in the Bitcoin price, with the flagship crypto paring a significant part of the gains that it recorded earlier in the day.

Trump Says He Might Not Meet China’s President

Speaking at the Rose Garden Club Lunch, the U.S. president said the meeting with China’s president may not take place. However, he said that he wants to have a good deal with China and that he expects to make a good deal with them.

As CoinGape earlier reported, Trump had confirmed his October 31 meeting with Xi Jinping at the APEC summit in South Korea. He had also mentioned that China has been respectful and that he expects to make a deal with them.

However, his recent statement suggests that the meeting with China’s president is far from guaranteed. The meeting between the two of them could be key to both countries finally reaching a trade deal.

Meanwhile, Trump had threatened yesterday that he may impose a 155% tariff on China if they do not reach a trade deal before the November 1 deadline. He had earlier imposed a 100% tariff on China, which is to take effect from November 1.

Meanwhile, the Bitcoin price sharply dropped from around $113,000 following the U.S. president’s statement. BTC surged to $114,000 today, from an intraday low of around $108,000.

However, Trump’s statement sparked a pullback, although Bitcoin is now recovering and looks to reclaim the $113,000 level. The rally earlier in the day had sparked bullish sentiment, with the bull market possibly back on.

Notably, this latest rally has come amid gold’s largest daily decline since 2013. This has raised the possibility that investors may be rotating from gold to BTC, following the precious metal’s recent rally to a new all-time high (ATH) above $4,300.