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’s share price continues to increase, rising on Friday as much as 25% from its previous close, a day after the stablecoin issuer’s more than doubled from the IPO price.