The cryptocurrency market is experiencing a downturn, with major crypto-related stocks taking a hit due to escalating US-Iran tensions and disappointing earnings reports. Robinhood, a digital brokerage firm, saw its stock plummet by nearly 14% after reporting a 47% decline in crypto-related revenue. This had a ripple effect on other crypto exchanges, including Coinbase and Bullish, which fell by 8%, and Gemini, which dropped by 6%. Bitcoin miners Riot Platforms and MARA also experienced declines of 6-7%, while Strategy, the largest corporate bitcoin owner, saw its stock fall by 4%.
The decline 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 led to a 6% surge in oil prices, with the West Texas Intermediate topping $100 a barrel. The Federal Reserve meeting results and upcoming earnings reports from big tech firms, including Alphabet, Amazon, Meta, and Microsoft, are expected to provide further catalysts for the market.