Circle goes public, rallies 168% on its first trading day

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This Week In Crypto

05 Jun 2025

Circle goes public, rallies 168% on its first trading day

Trump’s budget may add trillions to U.S. debt, fueling a bizarre feud with Musk and weighing on markets. Meanwhile, Truth Social eyes a Bitcoin ETF, JPM explores BTC-backed loans, and Circle’s IPO raises questions on costs and positioning.

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Drama-alert: Trump and Musk

The world’s wealthiest man and the world’s most powerful man have entered a very public spat in recent days. After Trump’s inauguration, Musk led efforts to cut U.S. spending through DOGE. The relationship quickly shifted from friendly to hostile following Trump’s “One Big Beautiful Bill Act” (OBBBA), which may add $2-5 trillion in U.S. debt.The conflict escalated fast. On May 25, Musk expressed disappointment over the massive spending bill, saying it undermines the DOGE team’s work. From there, tensions mounted, culminating in a bizarre series of interactions on Thursday, June 5.Trump said he was disappointe