The price of bitcoin (BTC) touched $17,000 for the first time in 2023, rallying alongside stocks and bonds on hopes the U.S. Federal Reserve may further slow its pace of monetary tightening.
The big economic event of the day was supposed to be the Nonfarm Payrolls reports from the Bureau of Labor Statistics (BLS) at 8:30 AM ET, but the rally really kicked off 90 minutes later after the ISM Non-Manufacturing Index (also known as ISM services) for December fell sharply to 49.6 from 56.5 previously. Any number below 50 for this gauge suggests economic contraction, and it was the first time the services index dipped below 50 since May 2020.
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