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 ripple effect has been felt across the sector, with Coinbase and other exchanges also experiencing significant losses. The tensions between the US and Iran have added to the pressure, with President Trump's reported rejection of Iran's proposal to end the naval blockade and open the Strait of Hormuz leading to a 6% surge in oil prices.
The news has had a greater impact on crypto-related stocks than on the crypto prices themselves, with bitcoin experiencing a relatively modest decline. The market is also awaiting the results of the Federal Reserve meeting and the earnings reports of major tech firms, which could provide further insight into the direction of the market.