Circle Internet Corp. (CRCL) experienced a significant pre-market plunge of 5.35% on Monday, as the stock opened sharply lower in early trading.
The decline was part of a broader selloff in cryptocurrency-related stocks during the pre-market session, 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 context to the trading activity, Morgan Stanley initiated coverage on Circle Internet with an Equal Weight rating and a $66 price target. The broader sector weakness, combined with this new analyst stance, contributed to the negative sentiment surrounding the stock in early trading.
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