Xi Jinping arrives at the White House today, Thursday, September 24, 2026, on an official state visit. For investors that means one thing above all: over several hours, headlines will be produced that the crypto market reacts to immediately, and in both directions. Anyone running leverage should know where their liquidation price sits before that starts. Anyone holding spot has nothing to do today, and no reason to do anything.
The market comes into this appointment with an unusually large profit on the books. Bitcoin traded at $84,339 at around 00:50 UTC on September 24, down 2.47 percent on the day but up 11.59 percent over the week (CoinGecko). Working the weekly figure back, the price stood at roughly $75,600 seven days ago. That calculation is our own derivation from the CoinGecko weekly change and not a figure published there.
The state visit on September 24: what is on the White House schedule
The White House has published the programme itself. President Trump and First Lady Melania Trump receive Xi Jinping and Peng Liyuan for an official state visit; the arrival took place on Wednesday, September 23, at Joint Base Andrews. The State Arrival Ceremony follows on Thursday morning on the South Lawn, on the State Floor and in the Rose Garden, with 479 members of all branches of the armed forces.
A word of context, because it makes the difference: a state visit is the highest form of visit in protocol terms and includes a ceremony, a state banquet and, as a rule, a joint statement. A plain working visit would have neither the programme nor the stage. According to the White House, the last visit of this kind by Xi and Peng lies more than a decade back. What counts for the market is mainly the calendar: there is a fixed window in which statements can be made.
Taiwan, trade and AI: the three flashpoints that can move the price
NBC News names three areas of tension for this summit: Taiwan, trade and artificial intelligence. All three act on crypto only indirectly, through risk appetite in equity markets and through the semiconductor chain. If the tone hardens on Taiwan or on export controls for AI chips, investors first sell whatever trades fastest, and crypto assets are part of that. If the tone softens, the same mechanism runs in reverse.
Exactly that was visible at the two leaders’ last meeting in South Korea in October 2025. Announced at the time were the resumption of Chinese rare earth exports under a one-year agreement, purchases of American soybeans and talks on chips; the United States cut tariffs from 57 to 47 percent.
Why the crypto market is sensitive right now
Last week was one of the strongest of the year, and that is the real reason for the nervousness. Among the top 25 by market capitalisation, weekly gains at the time of measurement on September 24 sit far above the normal range: Near Protocol up 68.45 percent, Bitcoin Cash up 54.98 percent, Uniswap up 44.11 percent, Cardano up 23.67 percent, Litecoin up 21.28 percent (all figures CoinGecko, September 24, 00:50 UTC).
On a 24-hour view the picture has already turned. Uniswap is down 9.89 percent, Dogecoin 7.72 percent, Stellar 6.79 percent, Cardano 6.49 percent, Zcash 6.21 percent, Chainlink 5.85 percent and XRP 5.16 percent. The large caps are holding up better: Ethereum trades at $2,684.55, down 2.80 percent, Solana at $115.03, down 3.26 percent.
Large unrealised gains and a dated event are an uncomfortable combination. They generate selling pressure out of pure caution, regardless of what is actually said at the White House. How this altcoin pullback has developed since midweek, we wrote up on September 23 in a separate analysis of the altcoin pullback; this article looks at the scheduled event rather than at the move itself.
What earlier Trump-Xi meetings did to the crypto market
For the meeting of October 30, 2025 there is a usable measurement. FXStreet reported at the time that the market recovered step by step in the early European session after the meeting, with Bitcoin, Ethereum and XRP each adding just under one percent. Substantial liquidations accrued at the same time: the report carries $150 million of long liquidations in its headline, but cites more than $800 million for the market as a whole over the same 24 hours. We give both figures and do not smooth them, because different things can be read from them.
The lesson is uncomfortable for both camps. The price can rise after an event of this kind and leveraged positions can still be closed out by force on a large scale. That happens in the minutes around the first headline, before any direction has formed at all. The only defence against that sequence is a distance between entry price and liquidation price wide enough to absorb such a spike. A view on the negotiating outcome is of no help whatsoever.
We explicitly draw no forecast for today from this. A single meeting in October 2025 is not a sample from which a rule can be built, and the starting position was a different one then.
Liquidation price and funding rate: the arithmetic before the event
How to find your actual liquidation price
The liquidation price is the level at which the collateral behind a leveraged position no longer suffices and the exchange closes it automatically. It hangs on three things: leverage, collateral posted and your provider’s maintenance margin. A rough orientation with isolated margin: at ten times leverage it sits around ten percent away from the entry, at twenty times around five percent. The exact figure comes from your provider, and only that one counts. We have set out the arithmetic step by step in our guide to calculating the liquidation price.
Keep an eye on the funding rate alongside it. This is the periodic payment between the long and the short side of perpetual futures, the contracts without an expiry date, which ties the contract price to the spot market. If it is strongly positive, the long positions are paying and the book is one-sided. That one-sidedness is precisely what makes a liquidation cascade more likely when a headline briefly turns the price against the majority. Which platforms disclose their funding history and how the fees differ is shown in our comparison of perp DEX platforms.
A note on the legal position in Germany: perpetuals with high leverage are available to retail investors through EU-licensed providers only to a limited extent, and many of the well-known platforms do not direct their offering at German retail clients. Anyone using them regardless carries the risk of standing without European supervision in a dispute.
Holding period and tax: why selling out of fear can be expensive
Before you sell holdings today, look at the purchase date. In Germany, gains from the sale of crypto assets are tax-free after a holding period of more than one year under section 23 of the Income Tax Act. Within that one-year window they are taxable as a private disposal transaction as soon as total gains in the calendar year reach the allowance of 1,000 euros.
For last week’s rally that means something concrete: positions built up in this year’s uptrend are, with high probability, not yet a year old. A panic sale on summit day may therefore cost you twice: once in the further course of the price, and on top of that income tax on a gain that would have been tax-free once the period had run. That is not an argument for sitting still at any price, but it belongs in the calculation.
Holding period with several purchases: FIFO in practice
Anyone with several purchases at different prices needs documentation that reflects FIFO, meaning the sale of the oldest holdings first. Which tools output that cleanly for German tax rules is set out in our overview of crypto tax tools and portfolio trackers. Settle that before the sale, not in May of the following year.
Custody and choice of exchange: what MiCA is worth to you on a day like this
Volatile days are the days on which withdrawals slow down and trading interfaces come under load. Where your balance sits is what pays off here. Since July 1, 2026, anyone offering crypto services in the EU needs an authorisation under the MiCA regulation; a provider without that permission may not continue the business. Licensed firms of this kind are called CASPs, crypto-asset service providers.
The most important point for you is the segregation of client holdings: client tokens must be held separately from the firm’s own assets and legally ring-fenced, so that they do not fall into the estate in an insolvency. You can check whether your provider is authorised yourself, Europe-wide in the ESMA register and, for German firms, additionally with BaFin. It is a two-minute job and should not wait until the day a problem arises.
For long-term holdings, self-custody remains the answer to provider risk. For amounts you want to trade at short notice, the route runs through a licensed exchange or a regulated broker; which firms operate in Germany with permission and what they cost is set out in our broker comparison.
Levels above and below: how to read the reaction
Two areas give you orientation today, both drawn from verifiable figures and not from chart patterns. On the downside, the calculated start of the week at around $75,600 is the point at which this week’s gains would be given back in full. On the upside lies the area around $86,200, where Bitcoin closed on September 22 according to Rio Times Online, before the pullback set in.
The market has been moving between the two for two days. More important than the levels themselves is what you attach to them: a stop sitting just below a round number will be taken out on a news day with high probability, before the direction becomes clear. Anyone setting stops at all today should place them further down than on a quiet day, or reduce the position size and work without a stop entirely.
What probably changes nothing today
For completeness, here is what you can safely ignore. A state banquet and a joint statement as a rule contain no statements on crypto assets, and regulation in Germany and the EU is not up for negotiation today. The MiCA obligations, the holding period and your exchange’s reporting duties are untouched by this appointment.
So for anyone holding spot only, with an investment horizon of years and without borrowed leverage, this Thursday is a day like any other. The event is a risk for positions financed with debt and for short-term trades, and there too only for a few hours.
Where you will see the results first
The White House publishes the schedule and the statements on its own briefing pages, and this visit is there with its programme. That is the source with the least delay and without interpretation in between. News agencies and specialist media report interim positions faster, but at the risk of shortening a statement that is clarified shortly afterwards.
In practice that means: do not react to the first line that runs through a feed. On a day with this stage, wordings are corrected within minutes, and each of those corrections produces a price move of its own. Anyone who still has an intact position at the third impulse has fared better than anyone who traded on the first.
Putting summit risk in context: what to take away
- Check your liquidation distance before the ceremony begins. Open every leveraged position and read off the liquidation price your provider shows. If it is less than ten percent away from the current price, cut leverage or size. Which platforms disclose funding and maintenance margin transparently is set out in the perp DEX comparison.
- Check the purchase date before you sell. Holdings under one year of holding period trigger tax on a sale within the one-year window as soon as you are above 1,000 euros of gains in the calendar year. Sort your purchases by FIFO before you take a decision to sell; suitable tools can be found under crypto tax tools.
- Check your provider’s authorisation. Look up in the ESMA register and with BaFin whether your trading venue holds a MiCA permission, and move long-term holdings into your own custody. Regulated alternatives for Germany are set out in our broker comparison.
(As of September 24, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
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