Bitcoin is about to post its first annual loss since 2018

Bitcoin is about to post its first annual loss since 2018

The prices of the digital currency, “Bitcoin”, fell during Friday’s trading, to resume its losses, which were paused yesterday, recording the lowest level in a week, due to investors’ reluctance to take risks, in light of the rise in the yield of US Treasury bonds for ten years.

And the largest cryptocurrency in the world is about to record its first annual loss since 2018, due to global interest rates, and the strong blow that digital assets received after the collapse of FTX.

Bitcoin price today

On the “Bitstamp” stock exchange, the digital currency “Bitcoin” fell by $196, equivalent to 1.2%, to $16,432, the lowest in a week, and the opening price of today’s trading at $16,628, and it recorded the highest level at $16,639.

When prices settled Thursday on the Bitstamp exchange, bitcoin prices rose 0.5%, marking their first gain in the last three days, thanks to a slowdown in US bond yields.

On Friday, the cryptocurrency market capitalization fell by nearly $5 billion to a total of $790 billion, due to renewed declines in the prices of Bitcoin, Ethereum, and other major currencies.

US bond yield

The yield of US Treasury bonds for ten years rose on Friday by about 1.5%, to resume its gains that were paused yesterday, about to touch the highest level in a month and a half, which undermines the appetite for risk in the markets.

negative news

Kraken is shutting down its cryptocurrency trading services in Japan, as the Japanese firm announced that it is in the process of restructuring to weather the fallout from the collapse in digital assets this year.

The company plans to require customers to transfer their crypto-token holdings to different wallets or exchange them for fiat currencies before January 31.

Annual dealings

Over the course of the 2022 transactions, which officially end when prices settle tomorrow, Saturday, the Bitcoin cryptocurrency is down by more than 64%, and is about to record its first annual loss since 2018.

This huge annual loss is attributed to the high global interest rates, which were approved by major central banks throughout the year, with the aim of taming historical inflation and flaming prices

The crypto industry has recently received a severe blow after the FTX platform declared bankruptcy, followed by the collapse of some digital asset companies associated with it, which reinforced speculation about the possibility of more digital asset companies going bankrupt in the near future.

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