Every market cycle has its symbol — a name enthusiasts and worrywarts alike seize on in a moment of speculative heat, writes Olga Kharif.
In 2021 that symbol was Robinhood, taking Wall Street by storm in the retail-investing frenzy. This time, it might just be stablecoin darling Circle.
Circle’s stock exploded more than 700% after its early June IPO, a move so fast it’s prompted the likes of Cathie Wood’s Ark to trim exposure after winning big. Yet the shares dropped nearly 20% this week — the first sign that the red-hot crypto equity might be cooling.
www.bloomberg.com
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