Circle closes higher again…Up 750% from initial IPO price
Summary
- It was reported that Circle's stock price has risen approximately 750% compared to its IPO price.
- The potential passage of the Genius Act in the United States is cited as a key reason for the rise in Circle's stock price.
- Ongoing buying activity is noted amid expectations that the U.S. government will maintain dominance in digital assets and stablecoins.
Attention is focused on how long the stock price rally of Circle Internet Group (hereafter Circle) will continue. Circle, the issuer of the stablecoin (a digital asset pegged to a fiat currency) USDC, is one of the leading stablecoin-related stocks in the United States.
On the 23rd (local time), Circle closed at $263.45 on the New York Stock Exchange, up 9.64% from the previous day. During the session, the price soared to as high as $298.99, but gave back some of the gains before the closing bell.
Circle is a newcomer stock that went public through an initial public offering (IPO) on June 5. At the time of its initial listing, the price was $31, but in just 12 trading days, the stock jumped by about 750%.
The background to Circle's stock rally is analyzed to be the potential passage of the Genius Act in the United States. Additionally, amid expectations that the U.S. government may try to maintain its dominance in digital assets (cryptocurrencies) and stablecoins through USDC, which is issued by Circle, buying activity toward Circle continues.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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