It's a paltry rally, but bitcoin bulls need to take victories where they can find them. The crypto touched $17K for the first time in three weeks on Friday as stock and bond prices shot higher on hopes the Fed may turn less hawkish. SteveAlpher reports
) 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 at 8:30 AM ET, but the rally really kicked off 90 minutes later after the ISM Non-Manufacturing Index for Decemberfrom 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.
In addition, wage growth was softer than anticipated, with average hourly earnings up 0.3% in December against forecasts for 0.4%. Year-over-year, wages were up 4.6% versus forecasts for 5.0%. Stock and bond prices began taking off just after the ISM report and haven't looked back. A few minutes before the close, the Nasdaq is higher by nearly 3% and the 10-year bond yield has plunged 16 basis points to 3.56%. Aggressive with rate hikes through most of 2022, the Fed in December backed off just a bit, lifting its benchmark Fed Funds rate just 50 basis points as opposed to the previous 75 basis point moves. Traders are now upping bets that the U.S.
The rally in bitcoin took a bit longer to get going on Friday and hasn't been as dramatic, but the crypto did manage to hit $17,000 for the first time in three weeks. Alongside the many issues facing bitcoin and the broader cryptocurrency industry, maybe the most major headwind to prices has been the aggressive Fed. To the extent that the Fed may throttle back its pace of tightening, the bullish action for crypto could continue.
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