Circle's stock price fell by 15%, the Bank for International Settlements warned of the risks of stablecoin causing the stock market frenzy to cool down
Gate News bot reported that according to CoinDesk, there are signs of cooling down in the stock frenzy of the Stablecoin company Circle (CRCL). After hitting a historical high of $299 on Monday, the stock fell 15% on Tuesday, continuing the previous pullback trend, with a total fall of about 25% from the peak. However, the current stock price of $223 is still more than 600% higher than the IPO issuance price earlier this month. The fall this time is not surprising, as some analysts have noticed that the stock is overvalued compared to its peers, and Ark Invest has been continuously selling stocks worth over $300 million since the IPO. However, Tuesday's fall coincided with the Bank for International Settlements (BIS) once again casting doubt on the future of Stablecoin. BIS is a Financial Institution owned by Central Banks from various countries.