Robinhood, Coinbase lead crypto stock rout as Trump rejects Iran plan
CoinDesk
Crypto-related stocks plummeted on Wednesday due to weak earnings from Robinhood and rising geopolitical tensions involving Iran.Summary
Crypto-related stocks experienced a sharp decline on Wednesday, significantly outpacing the minor dip in Bitcoin's price. The sell-off was primarily triggered by Robinhood reporting a 47% drop in quarterly crypto revenue, which sparked concerns over waning trading demand. Major exchanges like Coinbase and Bullish fell 8%, while miners and other sector-related firms also suffered losses. Compounding the market pressure, geopolitical instability rose as President Donald Trump reportedly rejected an Iranian proposal regarding the Strait of Hormuz, causing oil prices to surge. Investors are now awaiting the Federal Reserve's policy decision and upcoming earnings reports from major tech companies.
(Source：CoinDesk)