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

Robinhood and Coinbase have seen steep declines in their stock prices amid growing investor concerns regarding macroeconomic factors. Robinhood shares plummeted over 9%, despite a strong earnings report, while Coinbase's stock fell more than 6%. The decline in the market is attributed to a range of macroeconomic uncertainties, including a government shutdown entering its 37th day, negative U.S. job data, and escalating trade tensions. Analysts indicate that these factors are increasing the market's risk premium, impacting sentiment around crypto stocks. Bitcoin recently traded around $101,500, marking a significant drop of approximately 18% from its peak of over $126,000 a month prior. Ethereum also faced losses, falling by 3.6%. The ongoing government shutdown has delayed anticipated legislative developments in the cryptocurrency sector, further dampening market optimism as investors await clarity on future regulations. As a result, the general downturn in crypto stocks reflects broader market challenges and the absence of positive catalysts to lift prices.

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