Bitcoin Soars, But Circle and Bullish Are Having a Bridget Jones Day

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Markets

Market chaos, much?

What’s the tea?

  • Circle took a 10% nosedive after Compass Point was all, “Sell! Sell! Sell!” because apparently USDC growth is now hanging out with the wrong crowd (read: lower-margin platforms). And those 2026-2027 profit forecasts? Too optimistic, darling.
  • Bullish slid 6% after Rosenblatt was like, “Neutral vibes only,” citing valuation concerns. Turns out, trading at a premium to peers is so last season, especially when crypto activity is cooler than a cucumber and IPO revenue tailwinds are poof gone.

Crypto prices and U.S. stocks were all, “Middle East worries? Who, us?” and rallied like it’s 1999. But Circle (CRCL), Bullish (BLSH), and Coinbase (COIN) were having a Bridget Jones kind of day-sizable declines and all.

Circle plummeted 9.9% to $85.10 after Compass Point went full Miranda Priestly and downgraded it to Sell. Their price target? Slashed to $77. Apparently, USDC is holding up better than Bridget’s New Year’s resolutions, but supply growth is moving to lower-margin areas. And trading at 40 times 2027 adjusted EBITDA estimates? That’s so fetch-except it’s not.

The firm spilled the tea: more USDC is chilling on platforms like Sky, Binance, and Ethena, where revenue-sharing agreements are basically Circle’s frenemies. In bear markets, stablecoins might keep their supply, but the profit pool shrinks faster than Mark Darcy’s patience with Bridget’s antics.

Bullish also got the side-eye, dropping 6.5% to $36.12 after Rosenblatt downgraded it to Neutral. Their excuse? Bullish is trading at 28 times consensus adjusted EBITDA, which is basically the crypto equivalent of wearing last season’s Prada. And with crypto activity weaker than Bridget’s willpower around chocolate, those IPO-related boosts are fading faster than a bad Tinder date.

Meanwhile, Bitcoin was like, “I’m above $72,000, deal with it,” trading at its highest in three weeks. Why? Markets read the U.S.-Iran conflict news as positive, because apparently Israeli PM Netanyahu deciding to negotiate with Lebanon is the crypto equivalent of finding a £5 note in your old jeans.

Senior U.S. officials were all, “Steve Witkoff asked Netanyahu to chill on the Lebanon strikes and start talking.” And President Trump? He gave Netanyahu the green light to continue the war before announcing a ceasefire with Iran. Classic Trump-keeping everyone on their toes.

Oh, and the Nasdaq climbed 0.8%, while the S&P 500 rose 0.6%. Because why not?

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2026-04-10 00:16