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Coinbase And Robinhood Drop
Description
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.
Keywords & Tags
#bitcoin
#crypto
#cryptocurrency
#nft
#non-fungible token
#finance
#ethereum
#COVID-19
#inflation
#business
#crypto news
#dogecoin
#blockchain
#tech
#altcoins
#Coinbase
#trading lower
#DeFi
#economic recovery
#digital asset
#crypto broker
#crypto mining
#Robinhood
#meme stock
#commission-free trades
#economic growth
#virtual currency
#Fed tapering
#economic outlook
#Omicron variant
#Shares Are Falling
#crypto exchange platform
#financial infrastructure
#crypto-economy
#financial sector
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