Stock Track | Circle Internet Corp. Plummets 5.00% Intraday Amid Broader Crypto Market Selloff Despite Cathie Wood's Buying

Stock Track02-05 01:01

Circle Internet Corp. (CRCL) experienced a significant intraday decline of 5.00% on Wednesday, reflecting the ongoing pressure on crypto-related assets.

The stock's drop occurred against the backdrop of a broader cryptocurrency market selloff, with Bitcoin recently falling to its lowest price since 2024 and nearly half a trillion dollars being wiped from the total crypto market value in less than a week. Prominent investor Michael Burry warned of potential cascading effects from Bitcoin's plunge, describing risks of a self-reinforcing "death spiral" that could strain companies with significant crypto holdings.

Interestingly, this decline happened despite notable buying activity from Cathie Wood's Ark Invest, which acquired more than $8.7 million worth of CRCL shares on Monday as part of increased exposure to crypto stocks during the market downturn. The firm's continued accumulation of Circle shares suggests some investors see value at current levels, even as broader market sentiment remains negative toward crypto-related assets.

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