The cryptocurrency market is experiencing a significant downturn, with major exchanges such as Robinhood and Coinbase witnessing substantial 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 news has had a ripple effect, with other crypto-related stocks such as Bullish and Gemini also experiencing significant losses. The tensions between the US and Iran have further exacerbated the situation, with President Trump's rejection of Iran's proposal to end the naval blockade and open the Strait of Hormuz leading to a 6% surge in oil prices.
As a result, bitcoin has edged below $76,000, down 0.5% over the past 24 hours. The decline in crypto stocks has been more pronounced than the decline in crypto prices themselves, with bitcoin miners such as Riot Platforms and MARA experiencing losses of 6-7%. The largest corporate bitcoin owner, Strategy, has also seen its stock price drop by 4%.
The Federal Reserve meeting results and the earnings reports of major tech firms such as Alphabet, Amazon, Meta, and Microsoft are expected to provide further catalysts for the market in the afternoon session.