Robinhood, Coinbase lead crypto stock rout as Trump rejects Iran plan
President Trump reportedly rejected Iran’s offer to end the U.S. blockade and open the Strait of Hormuz, sending crude oil prices surging 6%.
What to know:
- Bitcoin slipped under $76,000 Wednesday, pressured by surging oil prices.
- Robinhood and Coinbase led far larger declines in crypto-related stocks after the crypto slowdown helped HOOD to miss earnings forecasts Tuesday night.
- More catalysts are in store for later this afternoon, including the Fed meeting and tech earnings.
The weakness spilled across the sector as investors took it as a signal for lackluster crypto trading demand. U.S. crypto exchange Coinbase (COIN) and institutional-focused exchange Bullish (BLSH), CoinDesk’s parent company, both fell 8%. Gemini (GEMI), the embattled exchange business of billionaire investors Cameron and Tyler Winklevoss, dropped 6%.
Bitcoin miners Riot Platforms (RIOT) and MARA (MARA) also slid 6%-7%. Strategy (MSTR), the largest corporate bitcoin owner, was down 4%.
The declines were more pronounced than for crypto prices themselves, as bitcoin edged below $76,000, down 0.5% over the past 24 hours.
Adding to the pressure was President Donald Trump reportedly rejecting an Iranian proposal to end the naval blockade and open the Strait of Hormuz, a critical global oil shipping route.
