London shares made a modest recovery on Monday, led by miners, as U.S. President Donald Trump softened his rhetoric on trade tensions with China, worries about which had sparked a sharp selloff on Friday.

"Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!"

After one of the largest liquidations in history, traders breathe a sigh of relief as risk appetite returns and major tokens bounce back sharply.

The Chinese Ministry of Commerce said the controls, issued Oct. 9, were part of Beijing's effort to "better safeguard world peace and regional stability."

Trump’s 100% China tariffs sent crypto into chaos, wiping out $16B in longs. Bitcoin plunged, traders panicked, and speculation rose over who saw it coming.

In retaliation, Trump threatened a "massive increase" on tariffs on Chinese products coming into the US, even though he said the move would be "potentially painful." Tariffs on Chinese imports into the US currently stand at 30%, down from the high point of 145% earlier this year.

The president expressed frustration with new export controls placed on rare earth elements by China — and said that “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea.