Circle Stock Soars Amid Bitcoin Surge and Treasury Yield Decline
Circle Internet Group Inc. (NYSE:CRCL) stock surged on Thursday, extending its previous day's gain of 9.56% as crypto-related stocks rallied.
The rally comes as Bitcoin touched $70,000 on Wednesday, buoyed by declining Treasury yields and political developments surrounding U.S. digital asset regulation.
On Wednesday, the Department of the Treasury expanded its bond-buyback program, establishing a minimum threshold of $4 billion for long-dated debt purchases beginning in September.
This move pulled the 10-year yield to 4.67%, reducing the relative attractiveness of fixed-income instruments and increasing investor demand for higher-risk assets like cryptocurrency stocks.