Circle shares fall 7% after CLARITY Act failure, TD Cowen raises target to $92
- —CRCL fell 6.8% after the CLARITY Act failed in the Senate
- —TD Cowen raised its price target from $87 to $92, keeping Buy
- —Arc mainnet launched on September 16 with more than 100 institutional partners
- —CalSTRS increased its Circle stake by 3,456.8% to 221,482 shares worth $13.9 million
Why it matters: The CLARITY Act failure weighs on crypto stocks, but the Fed rate hike boosts Circle's USDC reserve income, while Arc diversifies revenue.
Source: Blockonomi