CRCL is trading at $79.90 (-4.2%) in pre-market as escalating geopolitical conflicts in the Middle East and South Asia trigger a broad global selloff.
- Markets are reacting to U.S.-Israel strikes on Iran, the closure of the Strait of Hormuz, and the Pakistan-Afghanistan war, with S&P 500 futures down 1.1% and Nasdaq down 1.5%.
- Broad crypto weakness is weighing on Circle's USDC business, with BTC and ETH down 2.48% and 4.48% respectively over the last 24 hours, overshadowing the company's Q4 earnings beat on February 25.