As of today's market close, CRCL dropped below its first-day issue price of $69 during trading, hitting a low of $67.55. The current closing price is $69.72. We’ve talked before about how Circle’s valuation might depend on the decline of Visa and Mastercard, but in reality, both companies have also seen significant drops over the past month. The reasons for Circle's decline include the overall cooling of the cryptocurrency industry and expectations that the Fed's monetary policy will have a significant impact on CRCL's revenue. After all, up to now, CRCL's main income has come from U.S. Treasury yields. Bitget VIP, lower fees, crazier perks.