Coinbase And Robinhood Drop
  • 2 years ago
Shares of several cryptocurrency-related financial companies, like Coinbase ($COIN@US) and Robinhood ($HOOD@US), were trading lower yesterday in sympathy with the drop in price of Bitcoin and Ethereum. Coinbase is the leading cryptocurrency exchange platform in the United States. The company is a provider of financial infrastructure and technology for the crypto-economy. The stock was down about 4% at $240.25 at publication time. Robinhood, a financial services company known for pioneering commission-free trades of stocks, exchange-traded funds, and cryptocurrencies, has declined by almost 31% over the last month, considerably underperforming the S&P 500 which remains up by over 2% over the same period. Several factors could be responsible for the drops in both these stocks, including the cooling-off of meme stock action and speculative cryptocurrencies like Dogecoin, as well as the rise in yields coupled with Fed tapering concerns for 2022. The financial sector as a whole, including both centralized finance and DeFi, has also faced global macro concerns as fears surrounding the COVID-19 omicron variant continue globally.
Recommended