10x Research: Factors such as liquidation and obstacles in encryption legislation have led to the fall of Bitcoin.

On December 21, 10x Research published that “due to liquidation, delays in encryption legislation progress, weakened corporate buying effects, and global policy uncertainty suppressing risk appetite, Bitcoin prices have fallen significantly. The overall US stock market weakened due to the AI zone performance not meeting expectations and soft labor data; however, the relief effect brought by falling inflation and the strong performance of semiconductor companies somewhat alleviated the downward trend. Driven by rising demand for safe-haven assets and enhanced inflows of diversified global asset allocation, gold prices have risen, approaching historic highs. MicroStrategy's stock price performed weakly, as concerns over equity dilution from equity financing to buy Bitcoin outweighed the favorable information from continued accumulation.”