MEXCCircle Stock (CRCL) Sets New All-Time High After GENIUS Act Passage
Highlights
- Circle stock has surged by over 15% to set a new all-time high.
- The rally comes on the heels of the passage of the GENIUS Act to govern stablecoins in the US.
- A previous Cathie Wood sell-off failed to dampen CRCL's meteoric rally.
Circle stock (CRCL) has gained over 30% in a single day, setting a new all-time high in a rally buoyed by renewed enthusiasm for stablecoins in the U.S. Shares of the stablecoin issuer spiked after the U.S. Senate voted in favor of the widely anticipated GENIUS Act.
Circle Stock Surges Over 30%, Hits New Record High
Circle’s CRCL has surged to set a new peak in a dizzying rally that has puzzled investors. The mid-week rally sees CRCL climb by 33% over the last day to trade at $199.59, an all-time high for the Circle stock.
According to market data, trading volumes for the stock have risen in tandem with prices, as investors show a growing appetite for CRCL. Circle has demonstrated strong price performance over the last day, rising from a daily low of $148 to a record high.
At the time of its listing, CRCL opened at $69 and closed the day at $83.23, marking a 163% increase from its IPO price of $31 per share. Since its debut, Circle has gained a staggering 452%, far exceeding Wall Street analysts’ expectations.
On Tuesday, the Circle stock gained 13% after Ark Invest dumped over 300,000 CRCL shares from two of its funds.
GENIUS Act Passage Triggers Stock Rally
Yesterday, the Senate passed the GENIUS Act with overwhelming bipartisan support in a 68-30 vote. While the bill now moves to the House for debate, the Senate’s approval has sparked major interest in stablecoins and their issuers.
Since the historic vote, Ripple, Coinbase, and Gemini have all applauded the Senate for its decision on stablecoin regulation. Experts are predicting meteoric growth in the U.S. stablecoin market following the passage of the GENIUS Act.
Circle, issuer of the USDC stablecoin, is riding the wave of buzz, with its stock soaring to a new all-time high. Across the ecosystem, stablecoin activity is heating up, with Tether minting 1 billion USDT on Ethereum, extending its industry lead.
Outside of CRCL, Coinbase stock has also soared by 11% in an impressive double-digit rally over the past day. Other publicly listed crypto asset managers and treasury firms are also seeing similar surges in their stock prices.
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