The cryptocurrency market is experiencing a downturn, with major crypto-related stocks declining sharply on Wednesday. This comes after Robinhood reported a significant decline in crypto-related revenue, leading to a 14% drop in its stock price.
Other major players, including Coinbase and Gemini, have also seen significant declines. The tensions between the US and Iran have added to the pressure, with President Trump's decision to maintain the naval blockade contributing to a 6% surge in oil prices. Bitcoin has also been affected, dipping below $76,000. The market is awaiting the Federal Reserve meeting results and the earnings reports of major tech firms, including Alphabet, Amazon, and Microsoft, which may provide further insight into the future direction of the market.