Shares of Circle surged after its debut as a public company, but the crypto player may face headwinds if the Federal Reserve cuts interest rates further this year.

With Bitcoin (BTCUSD) prices up nearly 50% over the last year and currently trading above $104,000, the frenzy is clearly returning to the cryptocurrency arena. As evidence of this, the excitement surrounding the initial public offering of stablecoin issuer Circle,

Circle closed with an $18.4 billion valuation, well below Coinbase’s IPO but ahead of newer entrants like Fold and eToro.