Crypto stock outlooks fluctuate after GENIUS, ahead of Q2 reports
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Given the recent GENIUS Act signing and certain firms soon reporting Q2 earnings, it’s as good a time as any for a crypto stock update.
After the stablecoin-focused bill became law, Compass Point analysts downgraded Circle stock from neutral to sell.
Their CRCL price target declined from $205 to $130, according to a Monday note.
Analysts Ed Engel and Abdullah Dilawar anticipated the rally leading up to the GENIUS Act signing, but predicted the “sell-the-news” drop that came. Shares of CRCL were trading around $195 at 1:30 p.m. ET — down 14% in the last five days.
Competing stablecoins products from traditional…
