Crypto-related stocks slid sharply as Robinhood led declines following a weak earnings report and escalating geopolitical tensions between the US and Iran.
Robinhood shares dropped nearly 14% after reporting a 47% fall in crypto-related revenue for the first quarter, signalling softer trading demand across the sector.
Coinbase fell around 8%, while exchanges including Bullish and Gemini also declined, with miners such as Riot Platforms and Marathon Digital Holdings dropping 6% to 7%.
The broader sell-off outpaced moves in Bitcoin, which slipped below $76,000, highlighting sensitivity in crypto equities to shifts in trading activity and sentiment.
Market pressure intensified after Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz, sending oil prices up around 6% and raising macroeconomic concerns.
Higher energy prices and geopolitical uncertainty tend to weigh on risk assets, contributing to the downturn in crypto-linked equities despite relatively modest declines in major indices.
Investors are now watching upcoming catalysts including the Federal Reserve decision and earnings from major tech firms such as Alphabet, Amazon, Meta and Microsoft for further market direction.
At the time of reporting, Bitcoin price was $75,651.42.