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 Internet Group shares continued to climb after soaring 168% in their debut on the New York Stock Exchange Thursday.