Circle Stock in Up Only Mode Even as Bitcoin, Crypto Market Struggle—Why?
Circle's stock surged to an all-time high of over $298 per share before settling around $250, marking a 24% increase from its previous close of $240.28. The company's market capitalization reached nearly $63 billion, surpassing the $61.3 billion market cap of its stablecoin, USDC. This rise occurred amid geopolitical tensions, including U.S. airstrikes on Iranian nuclear facilities and Iran's reported retaliation against a U.S. base in Qatar. Investors showed caution, with the Nasdaq Composite Index declining by 0.5%, while the S&P 500 rose above 6,000 due to a slight increase in existing home sales. Circle's growth may also be linked to a partnership with Fiserv and PayPal to develop a stablecoin payments network for banks, enhancing payment experiences and real-time settlement capabilities.
