Crypto Stocks MSTR, COIN, MARA Crash After Circle (CRCL) Debuts With 168% Gains
Top crypto stocks on Wall Street saw a sharp fall of 4-5% on Thursday, while Circle (NYSE: CRCL) made a stellar debut on the New York Stock Exchange (NYSE) with 168% gains.
Coinbase (COIN) stock tanked 4.61%, while shares of Strategy (MSTR) and Marathon Digital (MARA) also tanked with a similar magnitude. This seems a classic capital rotation as Wall Street investors gave a roaring welcome to USDC issuer.
In what seeks to be a classic liquidity reshuffle as USDC stablecoin issuer Circle debuts on Wall Street, top crypto stocks came under selling pressure. Michael Salor’s Strategy (MSTR) was down 2.46%, eroding all of its past week’s gains.
MSTR stock has underperformed other Bitcoin holders like Metaplanet, with negative returns over the past six months. However, this hasn’t deterred Michael Saylor’s resolve to increase the company’s Bitcoin holdings, as the firm added 705 BTC earlier this week.
Similarly, Coinbase stock tanked 4.61% yesterday, ending at $244 levels, after 25% gains over the past month. On the other hand, Bitcoin miner Marathon Digital (MARA) also tanked over 5% yesterday.
