Bitcoin price soars above 30K amid weak inflation concerns in China

Quick Take

• Bitcoin reclaimed $30,000 during Asia trading hours.
• Reports showed that China’s CPI and PPI inflation came in lower than expected.
• China CPI YOY actual 0.7% vs. forecast of 1.1%.
• China PPI YOY actual -2.5% vs. forecast -2.5%.
• Markets may expect the People’s Bank of China to start a new round of stimulus due to weak inflation.
• Bitcoin surged over $30,000 and, as a result, has seen over $175 million of liquidations in the past 24 hours.
• Bitcoin is now up 7.4% in the past five days.

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