Arthur Hayes "Circle IPO, Following The ICO frenzy, The Dawn Of The IPO Frenzy"

Bitmex Co-founder Arthur Hayes Evaluated The Nasdaq Listing Of Stablecoin Issuer Circle (CRCL) As "A Point Where The 2017 ICO Craze Can Now Shift To An IPO Craze." On The 6th (Local Time), He Added On His X Account, "This Craze Will Peak With Large IPOs, Amass Large Amounts Of Fiat Capital, And Eventually Show The Typical Pattern Of Plummeting Right After Listing."

Circle Was Listed On The U.S. Nasdaq The Day Before, And The Closing Price On The First Trading Day Recorded 83.23 Dollars, Up 168% From The Offering Price (31 Dollars). The Highest Price During The Day Soared To 103.75 Dollars. Circle Is The Issuer Of The Dollar-based Stablecoin USDC, And This Listing Drew Market Attention As The First U.S. Stock Market Listing Of A Stablecoin Company.

Hayes' Remarks Are Interpreted As Containing Both Caution Towards Cryptocurrency Companies Entering The Traditional Financial Market And Concerns About Speculative Capital Inflows.