A technical ‘breakaway gap’ suggests a new stock uptrend may have started after the stablecoin issuer reported a fivefold jump in a key profitability metric. Circle’s stock CRCL, along with others in the cryptocurrency world, has been suffering in recent months as Bitcoin traded near 16-month lows. Circle Internet Group surged on Wednesday to its best day since just after the stablecoin issuer went public last year, after it provided investors with accelerating profitability and sales. Stablecoin issuer Circle Internet reported a big jump in fourth-quarter profitability, and the stock soared.
Circle Internet Group’s shares surged on Wednesday to their best day since listing last year, after the company reported accelerating profitability and sales. The rally came as investors digested a fivefold jump in a key profitability metric, a signal some analysts interpret as the start of a new uptrend. The stock, trading under the CRCL ticker, has lagged broader crypto names as Bitcoin traded near 16-month lows, highlighting the sector’s ongoing volatility. Circle Internet Group’s results also showed a substantial improvement in profitability for the fourth quarter, helping lift the stock after a mixed year for crypto equities.
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