$Circle(CRCL.US)When CRCL's total share capital of 235 million shares falls to $30, the corresponding market cap of $7.05 billion is basically in line with COIN's historical low market cap during the 2022 crypto bear market. If the triple whammy of a deep Bitcoin bear market + Fed rate cuts + significant shrinkage in USDC circulation materializes, this price level could be triggered. Also a crypto industry stock, COIN fell tenfold during the last bear market and is twice the size of CRCL. CRCL should at least fall below $30, with $20 in extreme scenarios. The P/E valuations for this crypto stock sector are generally below 20. COIN and MSTR are both higher than CRCL in terms of P/E, EPS, and operational capabilities.