Robinhood, Coinbase Lead Crypto Stock Plunge as Investors Fret Over Macro Concerns

Crypto stocks fell sharply as concerns over macroeconomic factors weighed on investor sentiment. Robinhood shares dropped by over 9% following a prior earnings announcement, while Coinbase’s stock decreased by 6%. The backdrop includes a prolonged government shutdown affecting the U.S. economy for 37 days and disappointing job data, with companies cutting 153,074 jobs in October, the highest figure since 2003. Analysts suggest these events have raised the perceived risk in the market, impacting crypto and tech stocks despite no direct influences on the cryptocurrencies themselves. Bitcoin, trading near $101,500, has decreased about 18% from its record high above $126,000 a month ago. As investors express declining optimism, anticipation builds for pending crypto legislation that may take longer to enact due to ongoing governmental issues. The uncertainty over legislative developments creates an environment with little to bolster crypto prices, contributing to the sell-off in the sector.

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