Stock Track | Circle Internet Corp. Plummets 5.07% Intraday Amid Broad Crypto Selloff as Bitcoin Drops Below $67K

Stock Track03-27 22:00

Circle Internet Corp. (CRCL) shares plummeted 5.07% during intraday trading on Friday, reflecting a broader downturn in cryptocurrency-related stocks.

The decline comes as Bitcoin fell below $67,000, touching a more than two-week low. Traders assumed a defensive posture following the largest expiry of Bitcoin options this year, with roughly $14 billion worth of contracts expiring on Friday. Market participants appear to be anticipating a prolonged war, potential stagflation, and "forced rate hikes," leading to increased bearish sentiment across the crypto sector.

The heightened risk aversion is evident in derivatives markets, where the put/call ratio over the past 24 hours stood at 1.3, indicating greater demand for downside protection heading into the weekend. Bitcoin's drop dragged down shares of major crypto companies, creating a negative ripple effect throughout the industry.

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Comments

  • Sumiit Tiger
    15:41
    Sumiit Tiger
    Great article, would you like to share it?
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