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

Crypto stocks plunged as macroeconomic worries intensified, particularly related to a prolonged government shutdown and weak job data. Robinhood's shares fell over 9% during trading, reaching a low not seen in two weeks, despite a recent positive earnings report. Coinbase also dropped more than 6%, with other firms in the industry, such as Galaxy Digital, experiencing declines. Overall, market sentiment has weakened, influenced by the shutdown's effects on the U.S. economy and uncertainty surrounding potential crypto legislation. Analysts noted that while these macro factors may not directly impact crypto stocks, they elevate market risk and reduce optimism among investors. Bitcoin traded around $101,500, having decreased by approximately 18% from its recent high of $126,000, while Ethereum fell 3.6%. Amid these trends, expectations for future growth seem dim as key legislative catalysts are stalled due to the government impasse.

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