Circle’s Stock Falls To 3-Week Lows Amid Crypto Market Sell-Off
Synopsis
Stocktwits data showed that chatter around Circle’s stock increased 120% over 24 hours, as of Friday morning.
Shares of stablecoin issuer Circle (CRCL) dropped in morning trade on Friday as retail chatter around the stock surged amid the crypto market sell-off and broader weakness in the equities market.
CRCL’s stock was down more than 2% in morning trade, with its price dipping to three-week lows. On Stocktwits, it was among the top trending tickers, with retail sentiment shifting from ‘bearish’ to ‘neutral’ over the past day. Platform data showed that chatter around Circle’s stock increased 120% over 24 hours, as of Friday morning.
Friday’s dip in Circle’s share price comes after the stock fell more than 2.5% in the previous session. One retail trader described the day as a “black swan” event, referring to an unexpected market shock that creates severe disruption.
Another trader expects the stock could fall further, potentially reaching $100.
Meanwhile, the overall cryptocurrency market fell nearly 6% in the last 24 hours, dragging down crypto-linked equities like Circle, Strategy (MSTR), and Bitmine Immersion (BMNR). Shares of crypto miners Marathon Digital (MARA) and Riot Platform (RIOT) were also trading in the red.
Circle began trading on the New York Stock Exchange (NYSE) in June. While the shares have experienced bouts of volatility, they have still climbed about 82% from their debut price.
Meanwhile, the overall cryptocurrency market fell nearly 6% in the last 24 hours, dragging down crypto-linked equities like Circle, Strategy (MSTR), and Bitmine Immersion (BMNR). Shares of crypto miners Marathon Digital (MARA) and Riot Platform (RIOT) were also trading in the red.
Bitcoin (BTC), the leading cryptocurrency, fell 4.8% over the last 24 hours. Bitcoin’s price was trading around $105,400 at the time of writing, but retail sentiment on Stocktwits remained in ‘bullish’ territory, accompanied by ‘high’ levels of chatter.
Read also: Bitfarms Slides On $300 Million Offering After Rallying To Near 4-Year High, Retail Buzz Stays Elevated
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.