In the last 24 hours, bitcoin BTCUSD fell to $16,959.93, a change of -0.70% after a short rally above $17,000.

Principal Market Analyst at OANDA at MarketWatch Edward Moya said that “Right now, bitcoin is stabilizing around this $16,000 level. He did a rally above $17,000 and it was something that offered decent resistance. But there's not really any fresh capital coming into this space. A big part of this period of stabilization that we're seeing is people giving up short bets.”

According to Moya, the monthly employment data for October released on Friday will be critical to what's going to happen to crypto assets. The big question for him will be whether the labor market is going to experience a wider slowdown. The recent implosion of the FTX crypto exchange put pressure on regulators to better govern the crypto industry by filing for bankruptcy under Chapter 11 in mid-November.

Commodity Futures Trading Commission Chairman Rostin Behnam called for “comprehensive” rules earlier Thursday to avoid another similar situation at FTX, but the next regulatory steps remain uncertain. Shares ended lower on Thursday for their part. The S&P 500 SPX index falling by 0.1%, the Dow Jones Industrial Average DJIA losing 0.6%, and the Nasdaq COMP composite index by 0.1%. According to CoinDesk Bitcoin is down 63.7% over the year through Thursday.