Some comments from US Vice President JD Vance sparked a crypto rally, which is a positive signal for a broader rebound in risk assets on Monday.
- I spoke to Trump yesterday about China
- Trump wants to be a reasonable negotiator with China
- Trump hopes US won’t need to put pressure on China
- We appreciate the friendship Trump has developed with Xi
This is obviously scripted stuff.
Separately, USTR’s Greer told Fox News that the United States contacted China after it announced export controls, but Beijing deferred.
So it seems to me that the ball is in China’s court, which isn’t really great. They seem terribly upset by some of the measures the United States quietly took before reacting.
Regardless, the crypto market takes this as a very good sign and ETH has soared to $4,026 from around $3,825 previously. This essentially brings it back to where it was before Friday night’s sell-off. Going back to when Trump started making noise about China at noon on Friday, it would need to hit around $4,350.
ETH/USD 30 minutes
