### Bitcoin Plunges Below $101K; Circle Surges on IPO Debut

Bitcoin has slipped below the $101,000 mark for the first time in a month, joining a downward trend that also saw major altcoins such as Solana and Dogecoin tumble. Amid this volatility, Circle celebrated a standout debut as a publicly traded company, drawing significant investor interest.

Bitcoin, the largest cryptocurrency by market cap, was trading at approximately $100,825 as of Thursday, marking a 4% decline over the previous 24 hours according to CoinGecko. The cryptocurrency has experienced a more than 9% drop over the past two weeks, reflecting investor caution amid growing macroeconomic uncertainties.

"Crypto markets are pulling back today alongside a broader risk-off tone," said Joe DiPasquale, CEO of BitBull Capital. DiPasquale noted that even the positive sentiment from Circle’s stock market debut was overshadowed by persistent trade tensions and economic concerns, including slowing jobs data and ISM softness. Despite the decline, he highlighted that Bitcoin remains within a "healthy range" technically, though altcoins are displaying increased volatility as liquidity diminishes.

Dogecoin, a favorite of billionaire Elon Musk, witnessed a steep fall of nearly 9.3%, reaching its lowest point since May 7. The drop followed escalating tensions between Musk and U.S. President Donald Trump, with Musk criticizing Trump's budget proposal and Trump threatening to cancel Musk's government contracts. Historically, Dogecoin has often reacted sharply to Musk's statements and actions.

Similarly, Solana and XRP saw declines of 7.7% and 5.6%, respectively, each hitting their lowest levels in almost a month. The broader equity markets also felt the strain, with the tech-heavy Nasdaq and S&P 500 both ending the day over half a percent lower.

Meanwhile, Circle, a payment services provider and stablecoin issuer, experienced an exceptionally strong performance on its first day of public trading. The NYSE halted trading of Circle's shares three times within an hour due to overwhelming demand, with the stock closing at $83.23, significantly surpassing its $31 IPO price.

DiPasquale anticipates continued market volatility in the near term, citing the need for clarity on U.S. trade policy or significant catalysts such as a rate cut or new ETF inflows to stabilize the market. Despite the current downturn, he remains optimistic about Bitcoin's long-term prospects, predicting that any dips toward $100K are likely to attract buyers. However, he cautioned that altcoins might continue to experience uneven performance as investors remain selective.