Bitcoin Price Falls. Why the Circle IPO Success Isn't Boosting Cryptos. — Barrons.com

By Brian Swint

Bitcoin and other cryptocurrencies were trading lower Friday as they broadly tracked sentiment on the stock market.

Cryptos often trade like high-risk technology stocks, though sometimes they are also seen as a haven asset like gold.

For the past 24 hours, they've traded in line with the S&P 500--falling most of Thursday after President Donald Trump's call with Chinese leader Xi Jinping that didn't yield a tariffs breakthrough. Trump's public spat with billionaire Tesla CEO Elon Musk may have also weighed on the market. But by early Friday, they were starting to make a recovery.

Crypto got a boost as an asset class on Thursday as Circle Internet Group, which issues a coin tied to the value of the dollar, soared 168% on its first day of trading. However, that didn't seem to translate to cryptocurrencies prices Thursday, which instead followed the stock market.

The May report on nonfarm payrolls could have a big impact on cryptos and stocks when it is published later this morning.

Bitcoin was down 1.2% over the past 24 hours at $103,707, though up from the lows hit late Thursday. Ethereum, the second-biggest cryptocurrency, was down 5.5%, while XRP was 2.5% lower. Solana traded 2.7% down, and Cardano slipped 5.7%.

Write to Brian Swint at brian.swint@barrons.com

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