Circle Internet Corp. (CRCL) shares plummeted 5.10% during intraday trading on Tuesday, mirroring declines across the cryptocurrency sector.
The drop came as Bitcoin fell below $70,000 for the first time in almost two months, with investor sentiment dampened by concerns about the conflict in Iran and selling activity by major Bitcoin holder Strategy Inc. Bitcoin ETFs have also experienced net outflows for a record 11 consecutive days, removing approximately $3.5 billion from the market during that period.
James Butterfill, head of research at CoinShares, noted that progress on US crypto legislation has been "overwhelmed" by risk-off sentiment related to geopolitical tensions, contributing to the broader cryptocurrency market decline that affected related stocks like Circle Internet Corp.