• 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 12 months.

2022 was positively not an excellent 12 months for crypto and particularly for bitcoin (BTC) which was buying and selling beneath $20K for fairly some time earlier than the 12 months’s finish. Bitcoin had plunged all the best way all the way down to about $15,000 in wake of the FTX collapse earlier than making an attempt 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 value dip that was attributable to the most recent crypto misfortune, the FTX collapse that passed off originally of November. Early this morning, the value of bitcoin surged to a each day excessive of $21,564.50 earlier than barely pulling again to $21,507.97 on the time of writing.

What’s behind at this time’s BTC value surge?

Whereas the final cryptocurrency market is on a bullish trajectory, at this time’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 beneath 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%.

Alternatively, 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% publish the pandemic.