The cryptocurrency market is experiencing a significant downturn, with major exchanges such as Robinhood and Coinbase leading the decline. This comes after Robinhood reported a substantial drop in crypto-related revenue, sparking concerns about weak demand for crypto trading.
As a result, investors are selling off their shares, causing a ripple effect throughout the sector. Bitcoin miners and other crypto-related companies have also seen significant losses.
The situation is further complicated by rising tensions between the US and Iran, which has led to an increase in oil prices. The Federal Reserve meeting and upcoming earnings reports from major tech firms are expected to provide further insight into the market's direction.