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Circle's IPO Valuation Soars to $24 Billion, Igniting Wall Street's Crypto Stock Enthusiasm

Matrixport notes a significant influx of Wall Street funds into crypto stocks, while the broader crypto market shows mixed signals, including a drop in Bitcoin funding rates.

BTC

Summary

Matrixport reports a notable influx of Wall Street funds into crypto stocks, with Circle's IPO valuation reaching $24 billion. Despite this, the overall crypto market remains subdued, as Bitcoin funding rates have declined, indicating potential hedging strategies by investors. Binance is preparing to launch HOME perpetual contracts, while Citigroup anticipates a 75 basis point rate cut from the Federal Reserve this year. Additionally, Coinbase's CEO claims Bitcoin outperforms gold as a currency.

Terms & Concepts
  • Funding Rate: A periodic payment made between traders to maintain their positions in perpetual futures contracts, indicating market sentiment.
  • Perpetual Contracts: A type of futures contract that has no expiration date, allowing traders to hold positions indefinitely.
  • Crypto Stocks: Publicly traded companies that are involved in the cryptocurrency industry, including exchanges and blockchain technology firms.