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.

Circle saw shares price well above its initial range at $31 and once trading began on the New York Stock Exchange under the ticker CRCL, shares opened at $69, more than doubling o

On the one hand, we had Circle, long a leading crypto company, hurtling to IPO and making bank. Its shares were priced at $110 at press time (up from $31 Wednesday), leading many to expect a summer and fall of crypto-themed IPOs.