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


December, 02 2022
watermark Economic news

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.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.