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Despite the warm welcome for the listing of 'Circle' – the issuer of the USDC stablecoin – recent analyses suggest that this event may not necessarily signal a new rise in the cryptocurrency market.
On the contrary, it may be an indicator of a potential decline, especially for Bitcoin.
A report from '10x Research' compares the current listing of 'Circle' to the initial public offering of Coinbase in 2021. At that time, Coinbase's stock saw a meteoric rise in its early sessions, exceeding $429 from an opening price of $250.
However, this rise quickly turned into a negative turning point in the market, as Bitcoin lost about 54% of its value during the three months following Coinbase's listing, before regaining some of its losses later.
This similarity raises concerns about a repeat of a similar scenario, especially given the cautious state that currently dominates the market. And although Bitcoin is currently trading above $107,000, after declining from its historical peak of $111,000, these concerns remain.
In contrast to these warnings, some observers believe that the current market conditions differ fundamentally from those in 2021, making a repetition of the same scenario uncertain.
A report from 'Matrixport' dated June 9 confirms that the increasing interest from public markets in digital assets enhances the positive outlook for this sector in the long term, even if this interest has not yet been directly reflected in price movements.
