• At press time, bitcoin (BTC) was buying and selling at $21,507.97.
• Bitcoin value has surpassed the place it stood on November 5 simply previous to the FTX collapse.
• It now stands at its highest value since mid-September final yr.

2022 was positively not an excellent yr for crypto and particularly for bitcoin (BTC) which was buying and selling under $20K for fairly some time earlier than the yr’s finish. Bitcoin had plunged all the way in which all the way down to about $15,000 in wake of the FTX collapse earlier than trying a comeback that noticed it caught near $16,500 for a number of weeks earlier than embarking on this present rally because the starting of 2023.

Bitcoin has now corrected the worth dip that was attributable to the most recent crypto misfortune, the FTX collapse that occurred in the beginning of November. Early this morning, the worth of bitcoin surged to a every day excessive of $21,564.50 earlier than barely pulling again to $21,507.97 on the time of writing.

What’s behind right this moment’s BTC value surge?

Whereas the overall cryptocurrency market is on a bullish trajectory, right this moment’s sudden surge in bitcoin value is essentially attributed to this morning’s larger-than-expected lower within the Producer Value Index (PPI) for the simply concluded month of December. The retail gross sales in December additionally dropped approach under their forecast.

December’s PPI dropped by about 0.5% bringing the year-to-year charge down from 7.3% to six.2%. The year-over-year charge dropped by about 5.5% towards a forecast of a drop of 5.7%.

Then again, December retail gross sales dropped by 1.1% towards a forecast drop of 0.8%. Mixed with the decline in November, this marks the primary time retail gross sales have dropped back-to-back by greater than 1% put up the pandemic.