Bitcoin has seen a surge in its value, reaching $21,550 early Wednesday. This marks the highest level since September and surpasses the point at which it stood before the collapse of crypto exchange FTX in November.
The increase in value is attributed to a larger than expected decline in the Producer Price Index (PPI) for December and a bigger than forecast drop in December retail sales. These economic indicators point towards a possible economic slowdown, which could lead to easier monetary policy and be a boon for risk assets like bitcoin.
The crypto world is currently witnessing a surge in the minting of Non-Fungible Tokens (NFTs) on the Optimism blockchain platform. The popularity of Optimism Quests NFTs has grown significantly, with the number of users owning 10 or more of these NFTs increasing by 67.4% in the last two weeks, reaching a total of 99.3K users.
This trend highlights the growing interest in NFTs and their use cases, such as representing digital assets like art, music, and collectibles. The Optimism blockchain, with its low costs and fast speeds, is well-positioned to take advantage of this trend and provide a platform for creators and collectors to showcase and trade their digital assets.
This recent trend showcases the potential of NFTs in the crypto space and the role that the Optimism blockchain can play in this growing market.