📉 January 28 US Stock Pre-Market: BitGo falls into the "breakdown quagmire," Circle rebounds against the trend with Mizuho's upgraded rating
【Simplified Version】
The crypto sector is experiencing extremes: the infrastructure veteran BTGO is still searching for a bottom, while compliance stablecoin giant CRCL welcomes good news.
BitGo (BTGO) continues to probe the bottom: After listing at an issuance price of $18 last week, BitGo's pre-market today only rose slightly by 0.22% (reported at $13.8), having cumulatively fallen over 23% from the issuance price.
Deep correction: Although as a "pure custody" asset it is expected to turn a net profit in 2025 (about $3.5 million), its high valuation and market concerns over a decline in custody fees in 2026 have caused its stock price to drop from a peak of $24 on its first day of trading.
Circle (CRCL) performs well: it rose against the trend by 3.1% in pre-market.
Positive driving factors: Mizuho Securities today upgraded its rating to "neutral," with a target price set at $77. Analysts pointed out that the explosive growth forecast for the platform Polymarket (annual trading volume reaching $50 billion) is the core catalyst, as all its transactions are settled in USDC, which is expected to drive a 25% increase in USDC market value. Additionally, its proposed national digital currency trust bank application has received preliminary approval from the OCC.
Other sectors:
MSTR & COIN: Slightly rebounded as Bitcoin oscillates around $89,000.
Mining companies (MARA/RIOT/BMNR): Overall volatility is low, as the market is waiting for next week's potential announcement from Trump regarding the new Federal Reserve chairman to determine the direction of interest rates.
