Bitcoin's Bad December, Explained

Plus, Pfizer ends therapeutics deal.

December 31, 2024

Today is Tuesday, December 31, 2024.

The Early Bird Index today is 80.03

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Bitcoin's Bad December, Explained

The price of Bitcoin ticked down nearly 1% on Monday as the most popular cryptocurrency is poised to end 2024 on an awful note.

Details: Although Bitcoin is up over 100% this year, the price is down about 4% in December.

Powering the Story: Profit-taking by long-term holders after a year of substantial growth seems to be the reason for the decline in December. Economic uncertainty is also weighing down the price of Bitcoin.

Background: This decline contradicts the historical trend of a “Christmas rally,” where prices typically rise during the holiday season.

Early Bird’s Nest Egg Gains: While December has been a challenging month for Bitcoin, several factors suggest that Bitcoin's prospects for 2025 remain positive.

  • A potential artificial intelligence integration and Bitcoin's potential role as a treasury asset for institutions could boost the price.

  • Several analysts forecast a new high for Bitcoin’s price in 2025.

  • The first few weeks of 2025 may provide a clearer picture of Bitcoin's trajectory.

Final Thoughts: Most other crypto prices were also down in December 2024.

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Notables

Notable Earnings Today: N/A.

Notable IPOs Today: OptimumBank Holdings, Inc. (NYSE American: OPHC).

Notable Equity Crowdfunding Campaigns Ending Today: PowerPlay Pickleball (Andes Capital Group), The Bad Stuff (StartEngine).

Notable Economic Events Today: S&P Case-Shiller Home Price Index (9:45 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Pfizer Ends Therapeutics Deal

Shares of Sangamo Therapeutics (Nasdaq: SGMO) plunged 60.38% (big ouch) in after-hours trading on Monday after announcing the end of a partnership with Pfizer (NYSE: PFE).

Details: Pharmaceutical giant Pfizer is ending its collaboration and license agreement with Sangamo regarding its investigational gene therapy product candidate for the treatment of severe hemophilia.

  • Sangamo said it plans to seek out a potential new collaboration partner.

Stock Price: Sangamo’s stock was up 317% this year thanks to several licensing deals and good financial results.

Final Thoughts: Pfizer’s stock is down 11.13% this year. The stock also ticked down 0.076% in after-hours trading.

CompoSecure Plans to Spin-Off Subsidiary

The metal payment cards company CompoSecure (Nasdaq: CMPO) jumped 4.47% in after-hours trading on Monday after announcing plans to spin off its subsidiary called Resolute Holdings.

Details: Existing shareholders will receive an allocation of shares in the new company that is proportional to their current ownership in CompoSecure.

Final Thoughts: CompoSecure has had a great year. The stock was up 186% in 2024.

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