The cryptocurrency market is experiencing a significant downturn, with major exchanges such as Robinhood and Coinbase seeing substantial losses. This comes after Robinhood reported a 47% decline in crypto-related revenue, sparking concerns about weak demand for crypto trading. As a result, investors are selling off their shares, with Coinbase and Bullish experiencing an 8% decline, while Gemini saw a 6% drop. Bitcoin miners Riot Platforms and MARA also saw significant losses, with a 6-7% decline.
The news of President Trump rejecting Iran's proposal has added to the pressure, causing oil prices to increase by 6% and raising concerns about the impact on global energy supply chains. Meanwhile, the Federal Reserve meeting and upcoming earnings reports from major tech firms are expected to provide further insight into the market's direction.