Bitcoin dropped below $17 thousand in anticipation of the report on the US labor market

The price of bitcoin has returned to the area below $17 thousand after a short-term rise above this level. The current quote of the cryptocurrency is $16,923.

Analysts note that bitcoin is now stabilizing at the level of $16 thousand. At the moment, the crypto asset rose above the $17 thousand mark, but failed to stay in this area, since new capital is not entering the cryptocurrency sector now. And the period of stabilization observed in the market today is primarily associated with the closing of short positions. 

According to experts, the report on the American labor market published today will be of critical importance for the further dynamics of cryptocurrency assets. 

This year, the crypto market has lost more than $1.4 trillion due to a number of problems, including the general economic downturn, lack of liquidity and unrealized projects. The combination of these negative factors has led to the fact that many crypto companies have faced a wave of bankruptcies. 

One of these companies was the FTX cryptocurrency exchange. This company initiated bankruptcy in accordance with Article 11 of the US Bankruptcy Code in early October. Before that, another large cryptocurrency exchange Binance planned to purchase FTX assets, but refused the transaction after Due Diligence.