Circle's stock price plunged nearly 10%, dragged down by analyst downgrades and an investigation into Drift Protocol.

PANews reported on April 10th that, according to Cointelegraph, stablecoin issuer Circle's stock price fell 9.9% on Thursday, closing at $85.10, after Compass Point downgraded its rating from neutral to sell and lowered its price target to $77. The stock has fallen nearly 24% in the past month and approximately 43% in the past six months. Bernstein analysts believe market concerns are exaggerated, as Circle's core business remains unaffected, and USDC usage and reserve revenue remain strong. Furthermore, legal scrutiny following the Drift Protocol security breach has also weighed on crypto market sentiment. Affected investors have been encouraged to contact the law firm Gibbs Mura for potential recourse. The Drift attackers transferred stolen funds to USDC, sparking debate about whether Circle should freeze funds, but Circle has taken no action.

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Author: PA一线

This content is for market information only and is not investment advice.

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