Latest news with #stablecoins
Fast Company
an hour ago
- Business
- Fast Company
Circle stock price today: CRCL shares rise again after Senate passes stablecoin bill. Here's the latest
The share price of crypto and fintech company Circle Internet Group (NYSE: CRCL) is rising yet again today in early market trading. After the stock jumped over 33% on Wednesday (markets were closed for Juneteenth on Thursday), shares in the newly publicly traded company were up as high as another 15% in premarket trading this morning. And you can thank the U.S. Senate for that. Here's what you need to know. What is Circle? Circle Internet Group, better known as Circle, is a fintech company that offers a range of financial products. Circle was founded in 2013 as a Bitcoin payments processor. The company currently offers a range of fintech developer services, including digital wallets and blockchain transfer solutions. However, Circle is best known for its two stablecoins, USDC and EURC. Stablecoins are a type of cryptocurrency that is much less vulnerable to wild price swings because a stablecoin's price is tied directly to a real-world asset. In the case of the USDC stablecoin, its value is tied directly to the U.S. dollar. Circle's EURC stablecoin is tied to the value of the Euro. Stablecoins thus help provide investors with stability while still allowing them to invest in crypto assets. In terms of market cap, USDC is currently the seventh most valuable cryptocurrency with a value of over $61 billion. The most valuable stablecoin in terms of market capitalization is Tether, which has a total valuation exceeding $155 billion. Cryptocurrency king Bitcoin's market cap is currently north of $2.1 trillion. In March 2024, Fast Company named Circle as one of its Most Innovative Companies based on the impact its stablecoin was having on the crypto industry. Why is CRCL stock rising today? Shares in Circle Internet Group were at one point trading over 15% higher in premarket trading this morning. Some of those gains were lost when the markets opened, but currently, CRCL stock is still up over 12% in early market trading. That follows an impressive 33% rise in the stock's price on Wednesday. So why is Circle popping today? Well, you can thank the U.S. Senate. The congressional body passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) on Tuesday. The act is the first to seek regulation of stablecoins. Its passage would establish a regulatory framework for stablecoins, further legitimizing the digital tokens and integrating them more closely within the U.S. economy. Such a move would likely only benefit stablecoin providers, like Circle. The GENIUS Act would also benefit stablecoin investors because it would require that stablecoins be backed by liquid assets, including U.S. dollars or short-term Treasury bills, notes Reuters. Issuers of stablecoins would also be required to disclose their reserves' composition on a monthly basis, leading to greater transparency. Circle stock price may depend on House now However, while Circle investors continue to cheer the Senate's passage of the GENIUS Act on Tuesday, the act may still not become law. That's because it now must go to the House for approval. And as Reuters notes, various groups, including the Conference of State Bank Supervisors, are calling for 'critical changes' to the bill. If the bill stalls in the House, or is killed, CRCL stock may give back some of the gains it has made this week. But as of today, Circle's stock price run has been nothing short of impressive. Circle Internet Group's initial public offering (IPO) was held just over two weeks ago on June 5. Since then, the price of CRCL stock has surged a staggering 589%.
Yahoo
4 hours ago
- Business
- Yahoo
Coinbase (COIN) Jumps 16% After Senate Passes Stablecoin Bill; Chart Signals More Upside
Coinbase (COIN, Financials) shares surged 16% to $295 on Wednesday after the Senate passed the bipartisan GENIUS Act, a landmark bill that establishes a regulatory framework for stablecoins. The bill marks the first major federal legislation aimed at legitimizing digital currency infrastructure, a move investors see as a major tailwind for Coinbase's business model. Warning! GuruFocus has detected 7 Warning Signs with COIN. The stock is now up 19% year to date, far outpacing the S&P 500's 2% gain over the same period. Technical analysts highlighted a breakout from a bullish flag pattern on heavy volume, with momentum confirmed by a rising relative strength index and a looming golden cross as the 50-day moving average converges with the 200-day line. The company also unveiled Coinbase Payments this week, a stablecoin-based solution for digital transactions across e-commerce platforms, reinforcing its product expansion strategy as regulatory clarity improves. Investors are now watching overhead resistance levels near $330 and $450, with the latter representing a projected upside target if momentum continues through August. Support levels sit near $265 and, more significantly, $212 a region marked by long-term consolidation. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Business
- Yahoo
Circle Stock Soars Further After Senate Passes Stablecoin Bill
Circle Internet Group (CRCL) shares are up 8% in premarket trading Friday, extending gains they have made since the Senate passed the GENIUS Act to establish a federal framework around the use of stablecoins. The GENIUS Act was passed on Tuesday and opens the door for the use of stablecoins by banks, fintech firms, retailers, and others. Stablecoins are cryptocurrencies whose value is tied to another currency or financial asset such as the U.S. dollar. The landmark ruling marks the first major legislation that deals with the digital currency industry that has been approved by Congress. Shares of Circle—the largest U.S.-based stablecoin issuer—soared 168% in their June 5 debut on the New York Stock Exchange (NYSE) and have continued to rise sharply. After a 34% surge to nearly $200 Wednesday, they enter Friday's session more than six times their initial public offering (IPO) price of $31. According to The Wall Street Journal, overseas-based Tether, the biggest stablecoin issuer globally, "hasn't shown it can meet the standards outlined in the bill." Tether didn't immediately respond to an Investopedia request for comment. Read the original article on Investopedia
Yahoo
10 hours ago
- Business
- Yahoo
Watch These Coinbase Price Levels as Stock Soars on Stablecoin Optimism
Coinbase shares soared after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. After bottoming out in early April, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Investors should watch crucial overhead areas on the Coinbase chart around $330 and $450, while also monitoring support levels near $265 and $ Global (COIN) shares soared this week after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. Investors see the legislation, the first major framework approved by Congress dealing with the digital currency industry, as a win for Coinbase as it provides regulatory clarify, legitimizing the exchange's stablecoin business and revenue streams. On Wednesday, the company unveiled a new product named Coinbase Payments, a solution that allows customers to make payments using stablecoins on a range of commerce platforms. Coinbase shares soared 16% to around $295 on Wednesday, ahead of Thursday's U.S. markets holiday. The stock is now up 19% since the start of 2025, handily outpacing the roughly 2% gain of the S&P 500 over the period. Below, we take a closer look at the Coinbase chart and use technical analysis to identify price levels that investors will likely be watching. After bottoming out in early April amid a broader stock market sell-off, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Indeed, the price staged a decisive breakout from the pennant in Wednesday's trading session, a move that coincided with a sharp uptick in the relative strength index to signal accelerating momentum. Moreover, the jump occurred on the highest volume in over a month, suggesting strong buying conviction. In another win for the bulls, the 50-day moving average (MA) continues to converge toward the 200-day MA, setting the stage for a bullish "golden cross" signal. Let's identify two crucial overhead areas on the Coinbase chart to and also locate support levels worth monitoring. The first overhead area to watch sits around $330. This location on the chart may provide resistance near last November's twin peaks that formed just below the stock's early-December high. A decisive close above this area could see the shares trend higher toward $450. We projected this area using the bars pattern tool. When applying the technique to Coinbase's chart, we take the price bars comprising the uptrend that preceded the flag and overlay them from the pattern's breakout point. This projects a target of $450 and indicates the move higher may play out until early August if price action rhymes. During retracements in the stock, it's initially worth monitoring the $265 level. A pullback to this area would likely attract support neat the breakout area, which also closely aligns with last year's prominent June and July peaks. Finally, a more significant drop opens the door to a retest of lower support around $212. Investors may look to accumulate Coinbase shares in this region near a multi-month horizontal line that connects a series of trading activity on the chart stretching from February last year to May this year. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Business
- Yahoo
Watch These Coinbase Price Levels as Stock Soars on Stablecoin Optimism
Coinbase shares soared after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. After bottoming out in early April, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Investors should watch crucial overhead areas on the Coinbase chart around $330 and $450, while also monitoring support levels near $265 and $ Global (COIN) shares soared this week after the Senate passed the GENIUS Act, a bipartisan bill that regulates and promotes the use of stablecoins. Investors see the legislation, the first major framework approved by Congress dealing with the digital currency industry, as a win for Coinbase as it provides regulatory clarify, legitimizing the exchange's stablecoin business and revenue streams. On Wednesday, the company unveiled a new product named Coinbase Payments, a solution that allows customers to make payments using stablecoins on a range of commerce platforms. Coinbase shares soared 16% to around $295 on Wednesday, ahead of Thursday's U.S. markets holiday. The stock is now up 19% since the start of 2025, handily outpacing the roughly 2% gain of the S&P 500 over the period. Below, we take a closer look at the Coinbase chart and use technical analysis to identify price levels that investors will likely be watching. After bottoming out in early April amid a broader stock market sell-off, Coinbase shares trended higher before consolidating within a flag, a chart pattern that indicates a continuation of the stock's uptrend. Indeed, the price staged a decisive breakout from the pennant in Wednesday's trading session, a move that coincided with a sharp uptick in the relative strength index to signal accelerating momentum. Moreover, the jump occurred on the highest volume in over a month, suggesting strong buying conviction. In another win for the bulls, the 50-day moving average (MA) continues to converge toward the 200-day MA, setting the stage for a bullish "golden cross" signal. Let's identify two crucial overhead areas on the Coinbase chart to and also locate support levels worth monitoring. The first overhead area to watch sits around $330. This location on the chart may provide resistance near last November's twin peaks that formed just below the stock's early-December high. A decisive close above this area could see the shares trend higher toward $450. We projected this area using the bars pattern tool. When applying the technique to Coinbase's chart, we take the price bars comprising the uptrend that preceded the flag and overlay them from the pattern's breakout point. This projects a target of $450 and indicates the move higher may play out until early August if price action rhymes. During retracements in the stock, it's initially worth monitoring the $265 level. A pullback to this area would likely attract support neat the breakout area, which also closely aligns with last year's prominent June and July peaks. Finally, a more significant drop opens the door to a retest of lower support around $212. Investors may look to accumulate Coinbase shares in this region near a multi-month horizontal line that connects a series of trading activity on the chart stretching from February last year to May this year. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Sign in to access your portfolio
