10x Research states that Bitcoin prices remain low due to global policy uncertainty and legislative delays, preventing a reversal in the cryptocurrency market's downward trend.
The weekly market overview report (December 21st) also noted that listed cryptocurrency companies underperformed, as product launches, ownership increases, or Capital efforts were insufficient to offset overall weakness.
- Bitcoin's low price is due to policy uncertainty and legislative delays.
- Shares of listed cryptocurrency companies generally weakened.
- Many Bitcoin mining stocks have fallen due to litigation, profit expectations, and dilution.
Bitcoin and the market landscape
Bitcoin prices remain low, and the cryptocurrency market downturn has not yet reversed.
10x Research attributes the primary cause to global policy uncertainty and legislative delays, preventing a recovery in risk sentiment. The report emphasizes that the downward trend remains dominant, rather than a clear recovery phase.
In this context, the overall performance of listed cryptocurrency companies is also being dragged down. Even supportive corporate news struggles to provide sustainable support when the overall market remains weak.
Cryptocurrency company stocks and Bitcoin mining groups
The group of listed cryptocurrency stocks is generally underperforming; individual factors are not yet sufficient to reverse the weak trend.
According to the report, Coinbase 's new product failed to offset the overall market weakness, while Strategy stock continued to decline. ARK Invest increased its holdings in BitMine but this did not help boost the stock price.
Among Bitcoin mining companies, Bitdeer is under pressure from a class-action lawsuit. CleanSpark has lower-than-expected profits and insider selling activity. Iren is rated neutral and its stock price has fallen. TeraWulf completed a large Capital round but its stock still declined due to Capital dilution.
