Bitcoin and Ethereum set for worst year since 2018

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By Anushree Dave

Bitcoin down 64% YTD through Thursday

It’s been a tough year for crypto prices, with two major coins on course for their worst annual performance in four years.

For the year to Thursday night, bitcoin was down 64.2%, while Ethereum was down 67.6%. Both were on course for their worst year since 2018, according to Dow Jones Market Data.

Bitcoin was down 0.6% at $16,521 in recent trading, according to FactSet, while Ethereum was down 0.4% near $1,195.

The cryptocurrency market has been hit hard this year, losing over $2 trillion in value since its peak in 2021. In the first half of the year, every major cryptocurrency price fell, a major stablecoin collapsed and crypto companies faced financial difficulties or even bankruptcy. .

Read: “I just woke up and cried”: Voyager and Celsius bankruptcies destroyed some crypto investors’ faith in centralized platforms

Scandals and hacks have also hit the industry, and victims have lost over $3 billion to hacks. Lack of regulation in the crypto realm and broader macroeconomic trends have been major factors in the industry’s losses this year.

Overall, the market cooling period has been dubbed the “crypto winter”.

-Anushree Dave

(END) Dow Jones Newswire

30-12-22 1348ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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