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 47% drop in crypto-related revenue, sparking concerns about weak demand for crypto trading.
As a result, Robinhood's stock plummeted nearly 14%, while Coinbase and Bullish fell 8%. Other crypto-related stocks, including Gemini, Riot Platforms, and MARA, also saw significant declines. The slump in crypto stocks was more pronounced than the decline in crypto prices themselves, with bitcoin edging below $76,000.
The rejection of Iran's proposal by President Trump has added to the pressure, causing oil prices to rise 6% and sparking concerns about the impact on energy supply chains in the Middle East. The Federal Reserve meeting and upcoming earnings reports from major tech firms are expected to provide further catalysts for the market.