The cryptocurrency market is experiencing a downturn, with key players such as Robinhood and Coinbase seeing significant declines in their stock prices. This comes after Robinhood reported a substantial drop in crypto-related revenue, sparking concerns about the demand for crypto trading.
The effects of this have been felt across the sector, with other major exchanges and bitcoin miners also seeing notable losses. Meanwhile, the price of bitcoin has edged below $76,000, down by 0.5% over the past 24 hours.
The rejection by President Trump of an Iranian proposal to end the naval blockade and open the Strait of Hormuz has added to the pressure, resulting in a 6% surge in oil prices. The impact on US stocks has been relatively modest, with the Nasdaq down by 0.35%. The market is awaiting the outcome of the Federal Reserve meeting and the earnings reports of major tech firms, including Alphabet, Amazon, Meta, and Microsoft, which may provide further insight into the future direction of the market.