Stock Market

Bitcoin dips below $17,000 ahead of October jobs data

After a short rally above $17,000, bitcoin
BTCUSD,
+0.22%

has dipped to $16,959.93, a change of -0.70% over the past 24 hours, according to CoinDesk.

“Right now it is kind of stabilizing around that $16,000 level. It did a rally above $17,000 and that was something that was providing decent resistance. But there isn’t really fresh capital coming into this space. A lot of this stabilization period we’re seeing is people abandoning their short bets,” said Edward Moya, senior market analyst at OANDA, to MarketWatch.

Moya says monthly jobs data for October released on Friday is going to be critical for what’s going to happen to crypto assets, and that the big question will be if the labor market is going to have a broader slowdown.

The recent implosion of crypto exchange FTX, which filed for chapter 11 bankruptcy in mid-November, has also put pressure on regulators to better govern the crypto industry.

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

Stocks also ended mostly lower on Thursday, with the Dow Jones Industrial Average
DJIA,
-0.56%

shedding 0.6%, the S&P 500 index
SPX,
-0.09%

falling 0.1% and the Nasdaq Composite Index
COMP,
+0.13%

climbing 0.1%.

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

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