What Is the Best Crypto to Buy Before the Trump and Xi Meeting on September 24?
Trump and Xi are meeting again, and crypto traders are already repositioning. But the last summit caught Bitcoin bulls off guard, and the setup heading into September 24 raises the same uncomfortable question all over again.
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Donald Trump and Xi Jinping will meet again at the White House on September 24. This is their second meeting this year, as China’s foreign ministry confirmed on September 21. Topics on their agenda include trade, rare earth materials, artificial intelligence, and Taiwan, all of which are significant for the global market. As the date approaches, the cryptocurrency market is closely watching the developments.
Bitcoin (CRYPTO:BTC) is currently trading at $86,276, hitting the $85,000 mark for the first time since January. There’s a growing debate over whether the crypto winter is finally over. Gadi Chait, an investment manager at Xapo Bank, suggests that this meeting could significantly impact the recent Bitcoin rally. So, what is the best cryptocurrency to invest in before the Trump and Xi meeting, and is it wise to make a move now?
The Last Trump and Xi Meeting Didn’t Help Bitcoin
Earlier this year, Trump visited Beijing for discussions from May 13 to 15, marking the first time a U.S. president had traveled to China in nearly a decade. He was accompanied by notable figures like Elon Musk, Tim Cook, and Jensen Huang. They discussed crucial topics like trade, AI technology, and Taiwan, and many traders viewed it as a positive sign for the market.
Contrary to expectations, Bitcoin prices dropped after the summit. It fell below $77,000 in the following days, losing almost 5% over the week, and the much-anticipated $100,000 milestone was not reached in the spring. The market got the de-escalation it hoped for, but it led to a decline in prices instead.
Looking back at the May meeting provides insight into potential market reactions on September 24. If Trump and Xi have a productive discussion, the underlying fears among traders may dissipate, leaving little room for price growth. Conversely, if the talks falter, fresh fears could emerge, resulting in a significant price drop. This uncertainty complicates decisions about investing ahead of the meeting.
The Meeting Moves Stocks First and Crypto Second
The meeting agenda does not directly affect Bitcoin or Ethereum. Instead, the outcomes of the discussions will likely influence equity futures, credit markets, and the U.S. dollar, with crypto markets following suit. The connection hinges on how investors position for risk on the morning of the meeting, making crypto a secondary market response.
The current economic environment presents mixed signals. As of September 21, the yield on the 10-year Treasury note stood at 4.96%, near its one-year peak of 5.01%. Meanwhile, WTI crude oil prices closed at $107 on September 15, showing a substantial rise of 27.4% over the last month. Chait identifies potential risks, including a Middle East oil shock and further tightening from the Federal Reserve, which could extend beyond the summit.
Interestingly, the VIX index, which measures expected market volatility for the S&P 500, closed at 14.9 on September 21. Equity traders seem to anticipate a quiet month, which means one of these predictions may prove wrong. The summit may serve as a turning point that clarifies market uncertainty.
Where Bitcoin, Ethereum, XRP, Solana and Zcash Stand Now
The reaction of any cryptocurrency on September 24 will depend on how much it has already moved. Currently, Bitcoin at $86,276 has risen 14.4% in the past week and 11.2% for the month, although it’s down 1.2% for the year. This places it in a position where buyers are not under pressure to realize prior gains.
Ethereum (CRYPTO:ETH), valued at $2,750, has gained 15.8% over the week and 12.7% over the month, but it has decreased by 6.5% year-to-date, following Bitcoin’s lead without surpassing it.
XRP (CRYPTO:XRP) is priced at $1.57, up 19.8% over the past week but only 1% for the month, leaving it down 16.5% for the year. Solana (CRYPTO:SOL), currently at $118, has had the best performance in recent weeks with a 23.1% rise in the past week and a remarkable 24.9% increase for the month, yet it remains down 4.2% for the year.
In contrast, Zcash (CRYPTO:ZEC) is trading at $1,520, boasting an impressive gain of 32.3% in the last week and an astounding 187.5% rise for the year. However, those who joined this surge recently may face volatility, especially if the summit delivers disappointing news, which is why the exit plan comes before the entry.
What Should Investors Buy Before September 24?
For those looking to gain exposure to the potential market reaction without making a risky bet, Bitcoin appears to be a sensible choice. With its recent gains and modest year-to-date drop, it offers a buffer for investors. For those willing to risk a deeper decline for a bigger potential rebound, Solana presents another option.
However, it’s important to remember that the May meeting did not yield positive results for Bitcoin, which fell 5%. Therefore, September 24 may be more a reason to hold existing investments than to jump into new ones. If Bitcoin falls below $85,000, it could signal a broader downturn, making the summit’s outcomes less significant to continued trading momentum.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
