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

Bitcoin (BTC) short positions begin to crumble — resulting in over $175 million in liquidations within 24 hours.

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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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.
China Inflation: (Source: Bloomberg)
China Inflation: (Source: Bloomberg)
BTCUSD: (Source: TradingView)
BTCUSD: (Source: TradingView)
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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Bitcoin BTC (24h)
$79,640.11 -1.78%
Market Cap $1.6T
24H Volume $37.01B