Why Circle Internet Group Jumped 10.9% Today
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Shares of Circle Internet Group (NYSE: CRCL) soared on Friday, closing 10.9% higher at noon ET. The stablecoin manager didn't have much news to share today, but the stock had been sliding across the last two weeks amid weak Bitcoin (CRYPTO: BTC) prices and bearish macroeconomic news. The general market mood was brighter on this post-Thanksgiving day with just 150 minutes of full-service trading, and that was enough to spark a modest recovery in the crypto sphere.Circle doesn't own or manage Bitcoin for a living. Its operations focus on managing the popular USDC (CRYPTO: USDC) stablecoin. Circle makes more money when there is more USDC in circulation, as the company earns interest in cash reserves tied to the stablecoin. USDC's market cap fell 3% from Nov. 13 to Nov. 21, and now it's back up where it was before that drop.In other words, investors withdrew 3% of their USDC holdings in mid-November, and now they're putting that money back into the market. Circle's stock amplifies these bullish and bearish moves, as its investors struggle to predict how these short-term swings might affect its long-term cash generation abilities.Continue readingWeiter zum vollständigen Artikel bei MotleyFool
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Quelle: MotleyFool