Down 14% after disappointing earnings, Robinhood Markets’ (NASDAQ: $HOOD) stock is leading a rout in crypto-related securities on April 29.
Cryptocurrency stocks are falling after Robinhood’s earnings missed Wall Street forecasts and amid escalating tensions between the U.S. and Iran.
Robinhood reported a 47% decline in crypto-related revenue during this year’s first quarter, stunning many analysts and investors and leading to the current rout.
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Other crypto stocks are down sharply on the day, with U.S. exchanges Coinbase Global (NASDAQ: $COIN) and Bullish (NYSE: $BLSH) each down 8%.
Gemini (NASDAQ: $GEMI), the crypto exchange run by billionaire twin brothers Cameron and Tyler Winklevoss, is down 6%.
At the same time, Bitcoin (CRYPTO: $BTC) miners Riot Platforms (NASDAQ: $RIOT) and MARA Holdings (NASDAQ: $MARA) are down 7%.
Strategy (NASDAQ: $MSTR), the largest corporate owner of BTC, is down 4% on the day.
The declines also come as the price of Bitcoin slides lower, dropping to $75,500 U.S. in afternoon trading after hovering above $77,000 U.S. earlier in the day.
Adding to the pressure on risk assets was U.S. President Donald Trump rejecting an Iranian proposal to end the naval blockade and open the Strait of Hormuz, a critical oil shipping route.
That news sent oil prices surging 6% higher on concerns that energy supply chains in the Middle East will remain under pressure for some time.
Crypto stocks could be roiled further by upcoming financial results from mega-cap technology names such as Alphabet (NASDAQ: $GOOGL), Amazon (NASDAQ: $AMZN), Meta (NASDAQ: $META), and Microsoft (NASDAQ: $MSFT), all of which are due to report earnings after the bell.
