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,

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.