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

Crypto stocks, including Robinhood and Coinbase, tumbled as macroeconomic uncertainties dominated investor sentiment. Robinhood shares fell by over 7%, following a drop of more than 9% earlier, despite reporting better-than-expected earnings. Coinbase also saw a decline of over 6%. The falls come amid broader market pressures, with concerns over a 37-day government shutdown, rising trade tensions, and disappointing U.S. jobs data contributing to a lack of confidence in the market. Analysts noted the negative impact of rising interest rates and tariffs on the crypto sector, with no positive catalysts in sight due to the stalled legislative climate in Washington. Major miners also suffered, with MARA Holdings down by 3.6% and Riot Blockchain by over 5%. Bitcoin traded near $101,500, suffering a decrease of about 18% from its recent peak above $126,000 a month ago, while Ethereum faced a similar downturn. Investor sentiment about the future remains cautious, reflecting a shared expectation of continued volatility in the crypto and wider markets.

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