The United States and China took a step towards easing trade tensions after days of market volatility triggered unprecedented cryptocurrency liquidations. This follows a weekend announcement from China’s Ministry of Commerce, expressing willingness to strengthen dialogue with trading partners and explore provisions to ease recently imposed rare earth export controls. President Donald Trump responded on Truth Social, stating that relations with China would be fine and suggesting President Xi Jinping’s recent actions were merely a temporary lapse in judgment. 18.28 billion dollars worth of cryptocurrencies were liquidated last Friday following China’s announcement of licensing requirements for goods containing rare earth minerals, leading to a significant drop in Bitcoin price before recovering.