Crypto Investors Sell Off Amid Circle’s Successful IPO on NYSE
Circle (CRCL) shares debuted on the New York Stock Exchange, tripling from an IPO price of $31. This signals robust demand for stablecoin issuers and demonstrates a viable path for crypto firms to go public.
In contrast, cryptocurrencies have declined:
- Bitcoin (BTC) fell over 2% to $102,800, its lowest in a month
- The CoinDesk 20 index dropped more than 3%
- Tokens like SOL, AVAX, and AAVE are down around 6%
Market analysts recall the Coinbase (COIN) IPO in April 2021, which preceded a significant Bitcoin price drop of nearly 60%. Bitcoin bottomed at around $15,000 during a prolonged bear market that lasted until March 2024.