Crypto

Bitcoin Falls Below $17,000 Ahead Of October Jobs Data

After a brief rise above $17,000 Bitcoin BTCUSD
+0.19%
It fell to $16,959.93, down -0.70% in the past 24 hours, according to CoinDesk.

“It is now stabilizing at $16,000. It rose above $17,000 and put up decent resistance. But in fact, no new capital is coming into this space. For most of this stabilization period, we see people pulling out of their short bets,” Edward Moya, senior market analyst at OANDA, told CNET.

Moya says the October monthly jobs data released on Friday will be key to what happens to crypto assets, and the big question will be whether the job market will experience a broader slowdown.

The recent collapse of cryptocurrency exchange FTX, which filed for Chapter 11 bankruptcy in mid-November, has also forced regulators to better manage the crypto industry.

Earlier Thursday, Rostyn Behnam, chairman of the Commodity Futures Trading Commission, called for “comprehensive” rules to avoid a repeat of a similar situation on FTX, but the next steps regarding regulation remain unclear.

Stocks also closed mostly in the red on Thursday, the Dow Jones Industrial Average DJIA.
-0.56%
lost 0.6% S&P 500 SPX index,
-0.09%
fell by 0.1%, while the Nasdaq Composite COMP index,
+0.13%
growth by 0.1%.

Bitcoin is down 63.7% year-on-year through Thursday, according to CoinDesk.

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