Bitcoin now at its pre-FTX collapse level

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  • At press time, bitcoin (BTC) was trading at $21,507.97.
  • The bitcoin price has surpassed where it was on November 5, just before the FTX collapse.
  • It is now at its highest level since mid-September last year.

2022 definitely wasn’t a great year for crypto and especially bitcoin (btc) which was trading below $20K for a long time before the end of the year. Bitcoin almost fell below $15,000 ftx collapse It remained stuck near $16,500 for several weeks before attempting a comeback for several weeks before starting this current rally since the beginning of 2023.

Bitcoin has now recovered from the price decline that was caused by the latest crypto misfortune, the FTX collapse that occurred in early November. This morning, the bitcoin price hit a daily high of $21,564.50 and has recovered slightly to $21,507.97 at the time of writing.

What’s behind today’s BTC price rise?

While the general cryptocurrency market is on a bullish path, there is a sudden surge today bitcoin price This morning’s larger-than-expected decrease in the Producer Price Index (PPI) for the month of December just ended has been largely attributed to this. Retail sales in December were also well below their estimates.

December’s PPI declined by about 0.5%, reducing the year-over-year rate from 7.3% to 6.2%. The year-on-year rate has declined by about 5.5%, against forecasts of a 5.7% decline.

On the other hand, December retail sales declined by 1.1% against the forecast of a 0.8% decline. Combined with the decline in November, this is the first time retail sales have declined by more than 1% since the pandemic hit.

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