Crypto Stocks Circle and Coinbase Slide Ahead of Powell’s Speech
TLDR
- Circle stock has dropped over 55% from its June high of $300.
- Coinbase stock has declined by 25% over the past month.
- Circle announced a secondary offering of 10 million shares worth $1.4 billion.
- CEO Jeremy Allaire sold 357,812 shares of Circle stock for $45.5 million.
- Technical analysis shows Circle may fall further toward the 100 dollar mark.
Crypto stocks Circle (NYSE: CRCL) and Coinbase (NASDAQ: COIN) plunged ahead of Jerome Powell’s Jackson Hole speech on Friday. Both stocks dropped significantly this week amid rising macro concerns and reduced hopes of a Fed rate cut in September. CRCL lost over 12%, while COIN declined by nearly 7% as market sentiment shifted quickly.
