Prices Head Lower as Circle IPO Revives Memories of the Coinbase Top
Is it 2021 all over again?
Circle (CRCL) debuted to wild upside action on the New York Stock Exchange on Thursday, its shares more than tripling from the IPO price of $31. The event was the culmination of a long journey for the USDC stablecoin issuer, which had been pursuing an IPO for several years.
For the crypto industry, it’s certainly a win — a sign of strong traditional investor demand and that under the Trump administration, crypto native firms really do have a path to going public.
But cryptocurrencies themselves weren’t enthused. Bitcoin
slid more than 2% to $102,800, its weakest level in about a month, while the CoinDesk 20 (an index of the top 20 cryptocurrencies by market capitalization except for stablecoins, memecoins…
