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Bitcoin Steady Above $30,000 as China's Producer Price Index Suggests End of Global Liquidity-Tightening Cycle

Bitcoin remained stable above $30,000 on Monday as China's producer price index (PPI) data indicated that the global liquidity-tightening cycle, which began last year and affected cryptocurrencies, is coming to an end. China's PPI fell 5.4% YoY in June, the ninth consecutive monthly decline and the steepest drop in seven years, leading to deflationary pressures in the global economy.

This persistent deflation in one of the world's largest sources of manufactured products will benefit western central banks, which have been raising interest rates to tame inflation. However, China's PPI data failed to spark a risk-on rally, with investors focusing on the negatives of the data, such as a stalled economic recovery.

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