Circle Internet (CRCL) Surges 9% as ClearStreet Turns Bullish, Ups Price Target by 48%

Circle Internet Group (NYSE:CRCL) is one of the 10 Stocks Worth Watching Right Now.

Circle Internet extended its winning streak to a third consecutive day on Monday, soaring 9.06 percent to close at $125.83 apiece, after ClearStreet turned bullish for its stock and raised its price target by 48 percent.

In a market note, the investment firm upgraded Circle Internet Group (NYSE:CRCL) to “buy” from “hold” previously, while raising its price target to $136 from $92.

It said the coverage reflected its optimism for the further adoption of its USDC stablecoins, having surged last month, suggesting that more financial institutions and consumers continue to embrace the digital asset.

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Additionally, Clear Street said that the ongoing tensions in the Middle East may have propped up the use of USDCs, with a huge number of people using the latter for remittances and cross-border transactions.

“Through this uncertain period, USDC market capitalization continued to trend higher, even as broader equity and crypto markets declined, suggesting demand was driven by transactional utility rather than speculative positioning,” Clear Street said.

Circle Internet Group (NYSE:CRCL) rakes in a huge chunk of its revenues from its USDC stablecoins, which means that the latter’s growth is crucial to its success.

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