Bitcoin Steadies Amid Trump Tariff Concerns, Circle Seeks $5 Billion IPO
Bitcoin Recovery Fragile Amid Trade Tensions
Bitcoin stabilized on Wednesday, gaining 1.5% to $84,246.4, as traders remained cautious ahead of U.S. President Donald Trump's expected tariff announcements. The cryptocurrency's recovery this week has been fragile, with economic uncertainty and trade tensions weighing on investor sentiment. Trump's planned tariffs on major trading partners and key sectors like automobiles, metals, and semiconductors have heightened concerns about global trade disruptions and economic growth.
Circle Targets $5 Billion Valuation in IPO Filing
Circle, the issuer of stablecoin USDC, filed for an initial public offering (IPO) on the New York Stock Exchange, seeking a $5 billion valuation. JPMorgan and Citigroup are leading the underwriting efforts. This marks Circle's second attempt to go public after a failed SPAC merger in 2022. A successful listing would position Circle as one of the largest publicly traded crypto companies in the U.S., following Coinbase and MicroStrategy.
Crypto Markets Mixed as Investors Await Tariff News
Broader crypto markets showed little momentum, with altcoins posting mixed results. Ether rose 0.8% to $1,857.20, while XRP dropped 1.2% to $2.0777. Solana, Cardano, and Polygon also saw declines, with Polygon sliding nearly 5%. Meme tokens like Dogecoin and $TRUMP were flat, reflecting cautious trading activity.
Investors remain on edge as Trump's tariff announcements and their potential impact on global trade and economic stability continue to dominate market sentiment.
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