Coinbase, Block, Robinhood highlight dismal week for crypto stocks
Crypto stocks slid as macro fears, government shutdown jitters and lingering fallout from October’s $19 billion liquidation hit investor sentiment.
Shares of crypto-focused companies have tumbled this week, capping a bruising stretch for the digital asset sector marked by renewed macroeconomic fears and lingering fallout from October’s liquidity crunch and mixed corporate earnings.
Coinbase (COIN), Block Inc. (XYZ) and Robinhood (HOOD) have fallen 11% to 14% this week, according to Google Finance data, erasing recent gains and underscoring the fragile sentiment surrounding crypto-linked equities.
On Oct. 30, Coinbase reported stronger-than-expected earnings and revenue as it advanced its “Everything Exchange” initiative, aimed at expanding the volume and diversity of tradable assets on its platform. Yet, despite the upbeat results, shares failed to maintain momentum amid broader market pressures and declining risk appetite.