The rise and fall of the manufacturing index from mid-2020 through 2023 broadly tracked movements in Bitcoin and the wider crypto market over the same period.
A metric tracking the health of the US economy has just posted its highest monthly score since August 2022, and crypto analysts say it could signal a turnaround for Bitcoin, which is trading at $78,000.
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI), a measure of manufacturing activity in the US, recorded a score of 52.6 in January, beating the market consensus of about 48.5 and ending 26 consecutive months of contraction in US manufacturing activity, ISM stated in a report on Monday.
The index score is closely watched by investors and is one of several indicators used by the Federal Reserve when assessing economic momentum and inflation risks.
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