Circle Internet Corp. (CRCL) stock plummeted 5.38% during intraday trading on Monday, extending losses from a pre-market decline.
The drop was part of a broader selloff in cryptocurrency-related stocks, triggered by Bitcoin's price briefly falling below the $75,000 level. This movement reflects market sensitivity to volatility in the flagship cryptocurrency, which often impacts associated equities.
Adding to the negative sentiment, Morgan Stanley initiated coverage on Circle Internet with an Equal Weight rating and a $66 price target. The combination of sector weakness and this new analyst stance contributed to the downward pressure on the stock.
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