The cryptocurrency market is experiencing a significant downturn, with major exchanges such as Robinhood and Coinbase seeing 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 on the sector, with other crypto exchanges and bitcoin miners also seeing notable losses. The tensions between the US and Iran have added to the pressure, with oil prices rising by 6% after President Trump rejected Iran's proposal to reopen the Strait of Hormuz.
The rejection of the proposal has sparked concerns about the stability of energy supply chains in the Middle East, leading to a surge in oil prices. Meanwhile, the Federal Reserve meeting and the upcoming earnings reports from major tech firms are expected to provide further insights into the market's direction.