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Title: Circle Stock Outpaces Bitcoin with 472% Growth Since June IPO
In a surprising turn of events, Circle’s stock has dramatically surpassed Bitcoin’s performance since its initial public offering (IPO) in June. The stablecoin issuer’s share price skyrocketed by an astonishing 472%, outpacing the popular cryptocurrency’s growth.
According to data provided by Arthur Hayes, former CEO and co-founder of BitMEX, Circle’s market valuation now stands at a staggering $45 billion. This remarkable upsurge follows favorable regulatory developments in the US, specifically the passage of the GENIUS Act in mid-June. The proposed federal framework for US dollar-backed stablecoins may provide much-needed clarity for firms like Circle, potentially driving growth.
On the other hand, Bitcoin’s price has struggled to maintain momentum since June. Despite a recent recovery that saw it reach nearly $110,000, this sharp contrast highlights investors’ increasing appetite for regulated financial infrastructure tied to digital assets under Donald Trump’s pro-crypto administration.
Notably, Ethereum open interest has reached an all-time high, accompanied by a 4-month price peak. This surge in value coincides with over $91 billion in staked ETH, rendering the blockchain nearly impossible to attack.
Source: cryptoslate.com
