Circle IPO Triggers Crypto Sell-Off: Bitcoin Plunges Below $105,000

Circle's IPO Triggers Crypto Market Sell-Off

According to CoinDesk, Circle's debut on the New York Stock Exchange was marked by a dramatic surge, with shares more than tripling from the initial price of $31. This event was seen as a significant milestone for the USDC stablecoin issuer and a sign of robust traditional investor demand. However, the broader cryptocurrency market did not share in the euphoria. Bitcoin and other major cryptocurrencies experienced notable declines following the IPO, drawing parallels to the Coinbase IPO in April 2021, which coincided with a then-record bitcoin price of $65,000. Within two months of Coinbase's debut, bitcoin had plunged nearly 60% to about $28,000, eventually bottoming at around $15,000 during the subsequent bear market. Bitcoin only reclaimed a new record price in March 2024, nearly three years after the Coinbase IPO.

"Circle's IPO on the NYSE saw its shares more than triple from the initial price of $31. Bitcoin and other major cryptocurrencies, however, experienced significant declines." (CoinDesk)

Circle shares tripled from $31 at IPO
Bitcoin previously peaked at $65,000 during Coinbase IPO, then fell to $28,000
Bear market bottomed at $15,000 before new highs in 2024

Summary: Circle's IPO was a win for crypto firms seeking public listings, but it triggered a wave of selling in the crypto market, reminiscent of the post-Coinbase IPO downturn. (Source: CoinDesk)

Crypto Market Faces Downturn Amid Search for New Catalysts

Barron's reports that the price of bitcoin has fallen, with investors now looking for the next catalyst to drive the crypto market forward. The article highlights the ongoing volatility and the need for new developments or events to reignite bullish sentiment. No specific price data or further details were provided in the excerpt.

Summary: Bitcoin's price decline has left the market searching for the next major catalyst. (Source: Barron's)

Market Data: Widespread Declines and Shifting Sentiment

TradingView provides a comprehensive overview of the current crypto market downturn. The total cryptocurrency market capitalization has decreased by 3% to $3.41 trillion, with total trading volume at $89 billion. Nearly all of the top 100 coins have seen price decreases in the past 24 hours. Bitcoin (BTC) is down 0.7% over the past day, trading at $104,737, while Ethereum (ETH) is at $2,614 after a 0.5% gain that erased previous gains. Tron (TRX) is the only top-10 gainer, up 1.7% to $0.2731, while Dogecoin (DOGE) saw the largest drop among majors, falling 3.5% to $0.1892. Only five of the top 100 coins posted gains, with Monero (XMR) dropping the most at 8.1% to $318.

Coin	Price	24h Change
Bitcoin (BTC)	$104,737	-0.7%
Ethereum (ETH)	$2,614	+0.5%
Tron (TRX)	$0.2731	+1.7%
Dogecoin (DOGE)	$0.1892	-3.5%
Monero (XMR)	$318	-8.1%

The report notes that bitcoin's price is likely capped at $110,000, with only an 11% chance of surpassing $125,000 by the end of September, down from 18% last week. Ethereum's chance of settling above $3,000 by the end of September has increased from 22% to 24%. Long-dated (180-day) BTC volatility has dropped from 56% to 46% in two months. US spot BTC ETFs saw two days of inflows, totaling $44.57 billion, with BlackRock receiving $283.96 million in inflows and Fidelity experiencing $197.04 million in outflows. US ETH spot ETFs have recorded thirteen consecutive days of inflows, with BlackRock leading at $73.18 million.

Total crypto market cap: $3.41 trillion (-3%)
BTC: $104,737 (-0.7% daily, -2.8% weekly, +10.9% monthly)
ETH: $2,614 (-4.3% weekly, +45.2% monthly)
BTC volatility (180-day): 46% (down from 56%)
BTC ETF total inflows: $44.57 billion
ETH ETF inflows streak: 13 days

Summary: The crypto market is experiencing broad declines, with only a few coins posting gains. Bitcoin's price is likely capped at $110,000, and volatility is decreasing. ETF inflows suggest some institutional confidence remains. (Source: TradingView)

Bitcoin Drops Below $105,000 as Altcoins Decline

The Economic Times reports that bitcoin has dropped below $105,000 amid a period of market consolidation. Altcoins have also declined, with some falling as much as 6%. Despite the short-term volatility, strong ETF inflows and long-term holding behavior indicate that investor confidence remains intact.

Bitcoin falls below $105,000
Altcoins decline up to 6%
ETF inflows and long-term holding suggest continued investor confidence

Summary: Bitcoin's drop below $105,000 and altcoin declines up to 6% highlight ongoing market consolidation, but ETF inflows point to underlying investor confidence. (Source: The Economic Times)

Elon Musk and Experts Warn of U.S. Dollar Collapse, Bitcoin as Safe Haven

Forbes details a surge in bitcoin's price, which set a new all-time high of $112,000 per bitcoin last month, representing a 50% increase from its April low. This rally has been fueled by Wall Street's growing interest in crypto and support from U.S. President Donald Trump. Tesla CEO Elon Musk has endorsed warnings that bitcoin could "take over" as the world's reserve currency if the U.S. does not address its growing deficit and debt, which is projected to reach $40 trillion. Morgan Stanley analysts predict the U.S. dollar will fall 9% over the next 12 months, while JPMorgan's CEO Jamie Dimon warns of potential problems in the bond market if confidence in the dollar wanes. Bitcoin has held above $100,000 for over 20 days, with analysts describing it as the new safe haven asset.

"If the electorate doesn’t hold Congress accountable to reducing the deficit, and start paying down the debt, bitcoin is going to take over as reserve currency," said Brian Armstrong, CEO of Coinbase, in comments reposted by Elon Musk. (Forbes)

Bitcoin all-time high: $112,000 (up 50% from April low)
U.S. debt projected to reach $40 trillion
U.S. dollar expected to fall 9% in 12 months (Morgan Stanley)
Bitcoin above $100,000 for 20+ days

Summary: Bitcoin's price boom is accompanied by warnings from Elon Musk and financial experts about the risks of U.S. debt and dollar devaluation, positioning bitcoin as a potential global safe haven. (Source: Forbes)

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