Circle jumps 25%, defies crypto and stock market plunge amid Middle East war tensions
- Circle recorded a 25% gain on Friday, following reports of Amazon and Walmart exploring stablecoin offerings.
- Anticipation of the final Senate vote on the GENIUS stablecoin regulation bill next week has also contributed to CRCL's price growth.
- CRCL's surge comes amid bearish pressure in the crypto and stock markets after Israel attacked key locations in Iran.
Stablecoin issuer Circle (CRCL) saw a 25% gain on Friday, recouping losses from a 9% decline the previous day following the Senate scheduling a final vote on the GENIUS stablecoin regulation bill and reports of Amazon and Walmart exploring stablecoin offerings.
Circle surge past $133 amid rising stablecoin interest
Circle's stock, CRCL, surged on Friday from an opening price of $108 to $133, marking its highest daily close since its debut on the New York Stock Exchange (NYSE) last Thursday. The price rise, which saw its market cap hitting $32.43 billion, represents a 330% increase from its initial public offering (IPO) price of $31.
The USDC issuer's price growth follows developments around Amazon and Walmart, which are reportedly planning to launch US Dollar-backed stablecoins for customers, according to the Wall Street Journal. The two merchants join a growing list of companies that are considering adding stablecoins to their payment channels.
This comes as the GENIUS bill draws closer to becoming law. The Senate is set for a final vote on the bill on Tuesday. If it passes, the bill will head to the House for deliberation.
The GENIUS bill aims to regulate stablecoins and their issuers in the US.
Meanwhile, CRCL's surge comes amid bearish pressure in the crypto and stock markets following rising Middle East war tensions after Israel launched attacks on key locations in Iran.
Bitcoin (BTC) fell to an intraday low of $103,000 before rebounding slightly above $105,000 at the time of writing. Altcoins were not spared from the downturn, with Ethereum (ETH), Solana (SOL) and XRP each posting losses of nearly 10% before seeing a slight recovery.
Traditional markets also felt the impact, with the S&P 500 dropping more than 1% on the day.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
