On Monday, Circle Internet Group (Circle), a prominent cryptocurrency-related stock on Wall Street, plummeted by over 5% as cryptocurrencies across the board tumbled due to concerns over previous day’s interest rates and uncertainties surrounding Ukraine.
Circle’s stock closed at 141.58 USD, down 5.15% in New York trading on Monday.
As the issuer of USDC, a major stablecoin, Circle had quickly become Wall Street’s darling in the crypto space since its June 5 listing.
However, the day’s widespread cryptocurrency sell-off appears to have dragged Circle’s stock down along with it.
This recent decline has resulted in a 12% drop for Circle over the past five days and a 36% plunge over the last month.
Despite these setbacks, Circle’s stock still boasts a 105% gain since its June 5 debut. However, this represents a significant pullback from its peak performance, as the stock had once skyrocketed by 450% post-listing.