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

Cryptocurrency stocks, including Robinhood and Coinbase, have seen significant declines as investors react to macroeconomic uncertainties, including the longest U.S. government shutdown and poor job market indicators. Robinhood's shares fell over 7%, shortly after posting positive Q3 earnings, while Coinbase dropped by more than 6%. The downturn has been attributed to investor concerns over interest rates, trade tensions, and a lack of legislative progress on anticipated crypto regulations. With the government's shutdown impacting economic expectations, reports indicate a rise in job cuts across sectors, further fueling market anxiety. Bitcoin traded around $101,500, down 18% after reaching over $126,000 a month prior. Experts suggest the lack of encouraging catalysts amid increasing macro risks is exacerbating the bearish sentiment in the cryptocurrency market, affecting overall investor confidence and sentiment toward crypto assets. Major mining stocks and other related entities also experienced declines, reflecting the broader negative trends in the crypto space.

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