Robinhood, Coinbase lead crypto stock rout as Trump rejects Iran plan

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email 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%. By Krisztian Sandor | Edited by Stephen Alpher Apr 29, 2026, 4:52 p.m. Make preferred on (Austin Distel/Unsplash/Modified by CoinDesk) 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. Crypto-related stocks are tumbling across the board on Wednesday with exchanges taking the biggest hit after Robinhood's earnings miss and escalating tensions between Iran and the U.S. Robinhood (HOOD), a crypto-friendly digital broker, plunged nearly 14% after it reported late Tuesday an almost 47% decline in crypto-related revenue in the first quarter. 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 BTC $ 75,729.23 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. The Iranian regime's proposal involved reopening the strait while delaying nuclear negotiations, but the Trump opted to maintain its naval blockade until a broader nuclear deal is reached, Axios reported. The news sent oil prices surging 6%, with the West Texas Intermediate topping $100 a barrel on concerns that energy supply chains in the Middle East could remain under pressure. U.S. stocks, meanwhile, are posting just modest losses, with the Nasdaq down 0.35%. The afternoon session promises more catalysts, the first being the Federal Reserve meeting results. No change in rates is what will be Jerome Powell's final meeting as chairman. Market participants, however, will be looking to the accompanying policy statement and Powell's post-meeting press conference for clues about the future direction. After the U.S. market closes, a slew of big tech firms — including Alphabet (GOOG), Amazon (AMZN), Meta (META) and Microsoft (MSFT)— will report earnings. Traders will eye the firms' artificial intelligence-related spending as a gauge for the AI trade and infrastructure buildout. Bitcoin News Markets Coinbase Donald Trump More For You Bitcoin's widely tracked Coinbase Premium turns negative as realized losses spike to $6 billion By Shaurya Malwa | Edited by Sheldon Reback 38 minutes ago A metric tracking U.S. spot demand has flipped red just as onchain data shows realized losses surging to $5.97 billion. What to know : A key gauge of U.S. demand for bitcoin, the Coinbase Premium, turned negative this week for the first time since early April, signaling weaker buying interest in the world's largest economy. Onchain data show bitcoin holders realized about $5.97 billion in losses on April 24 as the price neared $78,000,... Read full story Latest Crypto News Bitcoin's widely tracked Coinbase Premium turns negative as realized losses spike to $6 billion 38 minutes ago The Protocol: Mythos forces crypto industry to rethink security practices 55 minutes ago Hyperliquid is preparing to take on Polymarket with a new way to trade real-world events 1 hour ago The AI-crypto disconnect: Why Pantera’s CEO thinks institutions are missing the boat on bitcoin 1 hour ago Visa expands stablecoin settlement network as volume hits $7 billion run rate 1 hour ago Bitcoin ETFs fuel institutional surge, 21Shares' CIO sees $100K possible by year-end 1 hour ago Top Stories Wall Street is launching the first ever prediction market ETFs for U.S. elections 2 hours ago There's a social media groundswell predicting bitcoin above $90,000. That might be a problem. 7 hours ago Bitcoin rebounds from key support as traders eye renewed push toward $80,000 6 hours ago Institutional money is coming for bitcoin, but Adam Back says it moves slower than you think 12 hours ago First central bank to test bitcoin says asset is ‘too risky’ for reserves 4 hours ago Tether leads Belo's $14 million raise to expand stablecoin payments across Latin America 5 hours ago In this article BTC BTC $ 75,729.23 ◢ 0.52 %