The cryptocurrency market is experiencing a downturn, with major exchanges such as Robinhood and Coinbase seeing significant declines in their stock prices. This comes after Robinhood reported a 47% decline in crypto-related revenue for the first quarter, leading to a 14% drop in its stock price.
The news has had a ripple effect on the entire sector, with other crypto-related stocks such as Bullish, Gemini, and bitcoin miners Riot Platforms and MARA also experiencing losses. The decline in crypto stocks is more pronounced than the decline in crypto prices themselves, with bitcoin only down 0.5% over the past 24 hours.
The escalation of tensions between the US and Iran, particularly with President Trump's reported rejection of Iran's proposal, has added to the pressure on the market. This has resulted in a 6% surge in oil prices, with the West Texas Intermediate exceeding $100 a barrel.
The afternoon session is expected to bring more catalysts, including the Federal Reserve meeting results and the earnings reports of major tech firms such as Alphabet, Amazon, Meta, and Microsoft.