Bitcoin, Solana and Dogecoin Plunge as Circle Stock Surges After IPO
Bitcoin and major altcoins experienced significant declines due to concerns over a re-escalating trade war, slowing U.S. economic indicators, and tensions between President Trump and Elon Musk. Bitcoin traded around $100,825, down nearly 4% in 24 hours and over 9% in two weeks. Despite Circle's successful public debut, investor sentiment remained cautious, focusing on macroeconomic challenges. Dogecoin fell nearly 9.3%, reaching its lowest level since May 7, amid Musk's criticism of Trump's budget and subsequent threats to cancel Musk's government contracts. Solana's token and XRP dropped 7.7% and 5.6%, respectively. U.S. stock markets closed lower, with the Nasdaq and S&P 500 both declining over half a percentage point. Circle's shares surged to $83.23 from a $31 IPO price, prompting multiple trading halts. Analysts predict continued volatility in crypto markets until clarity on U.S. trade policy or significant catalysts emerge. Bitcoin's long-term outlook remains strong, with potential buying interest around $100K, while altcoins may experience uneven performance.
