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USDC Stablecoin Issuer Circle Mulls IPO in 2024

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Today’s Cryptocurrency Headline

Circle, the issuer of the USDC stablecoin with a market cap over $24 billion, is considering an initial public offering in 2024, according to Bloomberg.The company has been talking to advisers about a potential IPO, Bloomberg reported, citing anonymous sources. “While it’s not clear how much Circle would seek to be valued in an IPO, it was valued at $9 billion when it tried to go public in a blank-check deal in 2022,” according to the report.In 2021, Circle agreed to go public through a merger with a Special Purpose Acquisition Company (SPAC) named Concord Acquisition Corp., but that arrangement later fizzled. “Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations. We don’t comment on rumors,” a representative for Circle told Bloomberg.Circle’s investors including financial heavyweights like Goldman Sachs, Fidelity and Blackrock. The USDC stablecoin, once boasting a market cap near $56 billion, began a dramatic decline in June 2022.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin has been trading within a narrow 4.5% range over the past two weeks, indicating a level of consolidation around the $34,700 mark. Despite the stagnant prices, the 24.2% gains since Oct. 7 instill confidence, driven by the impending effects of the 2024 halving and the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.Bears expect further macroeconomic data supporting a global economic contraction as the U.S. Federal Reserve holds its interest rate above 5.25% in order to curb inflation. For instance, on Nov. 6, Chinese exports shrank 6.4% from a year earlier in October. Furthermore, Germany reported October industrial production down 1.4% versus the prior month on Nov. 7.The weaker global economic activity has led to WTI oil prices dipping below $78 for the first time since late July, despite the potential for supply cuts from major oil producers.Meanwhile, Bitcoin’s futures open interest has reached its highest level since April 2022, standing at $16.3 billion. This milestone gains even more significance as the Chicago Mercantile Exchange solidifies its position as the second-largest market for BTC derivatives.As Bitcoin’s price reaches its highest level in 18 months, some degree of skepticism and hedging might be expected. However, the current conditions in the derivatives market reveal healthy growth with no signs of excessive optimism, aligning with the bullish outlook targeting prices of $40,000 and higher by year-end.The support level is at $34,900 and the resistance level is at $35,800.

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