President Donald Trump, according to media reports, rejected Iran’s proposal to lift the maritime blockade and open the Strait of Hormuz, which triggered a 6% increase in oil prices.
Against this backdrop, shares of companies related to the crypto market fell noticeably on Wednesday. The biggest declines were seen in exchanges—both due to weak earnings from Robinhood and amid rising tensions between the US and Iran.
Shares of Robinhood (HOOD) fell nearly 14% after the report: crypto trading revenues in the first quarter dropped by almost 47%.
The pressure quickly spread to the entire sector. Coinbase (COIN) and institutional exchange Bullish (BLSH) each lost 8%. The Gemini (GEMI) platform, owned by Cameron and Tyler Winklevoss, fell by 6%.
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Mining companies were also under pressure: Riot Platforms (RIOT) and MARA Holdings (MARA) dropped by 6–7%. Shares of Strategy (MSTR), the largest corporate holder of bitcoin, fell by about 4%.
At the same time, the cryptocurrency market itself remained more stable. Bitcoin slipped just below $76,000, losing about 0.5% over the day.
The situation was exacerbated by geopolitics. Trump’s refusal to support Iran’s proposal only heightened tensions around the oil market. The discussion was about opening the Strait of Hormuz and postponing talks on the nuclear deal, but the US decided to maintain its current position. Against this backdrop, WTI oil rose above $100 per barrel.
The US stock market reacted much more calmly, with the Nasdaq index down about 0.35%.
Now attention is shifting to the Fed meeting. This is the last appearance of Jerome Powell as head of the regulator, so market participants will be watching not so much the rate decision itself, but the tone of the statements and hints about next steps.
After the market closes, Alphabet, Amazon, Meta and Microsoft will report earnings. The main focus will be on AI spending, as investors are now assessing whether growth in this area will continue.
