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

Robinhood and Coinbase saw significant stock declines as the broader crypto market faced losses amid ongoing macroeconomic uncertainties. Robinhood's shares dropped over 7%, reaching a low not seen in more than two weeks, following its recent Q3 earnings report which had exceeded analysts' expectations. Coinbase's stock also fell more than 6%. These losses coincided with apprehensions about a prolonged U.S. government shutdown, which has now surpassed 37 days, alongside disappointing job figures indicating large layoffs in October. Equity analyst Mark Palmer highlighted that macroeconomic factors such as interest rate expectations and trade tensions are raising the market's risk premium, contributing to the downward trend in crypto stocks. Other sectors in the cryptocurrency market also experienced declines, with notable drops in mining companies like MARA Holdings and CleanSpark. Amid this turmoil, Bitcoin traded around $101,500, down approximately 18% from its all-time high reached a month prior, while Ethereum also saw losses. Investors expressed diminished optimism due to the lack of positive catalysts in this uncertain environment.

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