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Circle’s stock has made a remarkable turnaround in the market, defying all expectations and surpassing even the most ardent predictions. In a shocking turn of events, CRCL’s share price has surged an astonishing 472% since its listing on the New York Stock Exchange (NYSE) in June.
As reported by CryptoSlate, the market seems to be increasingly favoring stablecoins, as evidenced by Circle’s outstanding growth. The company’s IPO pricing of $31 per share has transformed into a staggering $200, reflecting a substantial increase in investor confidence.
The sudden and unprecedented rise in valuation can be attributed to favorable regulatory developments. Mid-June saw significant advancements as the US Senate approved the GENIUS Act, which aims to provide a federal framework for US dollar-backed stablecoins. This development is believed to have instilled renewed trust in Circle, as its stock now holds a market capitalization of roughly $45 billion.
Bitcoin’s performance has been significantly less impressive, trading sideways through June and briefly dipping below the $100,000 mark amidst geopolitical tensions between Iran and Israel.
Source: cryptoslate.com
