The stocks of Robinhood and Coinbase have fallen to their lowest levels in history. Even while Robinhood was down 1 percent in afternoon trading and purchasing, the stock was still much above its prior lows. The stock has already lost about 30% of its value this year, and it is approximately 85% below its all-time high from last year. Coinbase, which declined 2 percent on Monday, has had its value collapse by more than 25 percent since the beginning of 2022 and is currently almost 60 percent below its all-time high.
Bitcoin prices, which made a little recovery on Monday, have fallen almost 25 percent so far this year and are approximately 50 percent below their all-time high set in November. This has a negative impact on companies such as Robinhood and Coinbase, which allow merchants to buy and sell bitcoin, ethereum, and other digital currencies.
Shares of bitcoin miners Marathon Digital (MARA), Hive (HVBTF), and Riot Blockchain (RIOT) have all been flat to down in risky buying and selling this year, with each having lost greater than a third of their market worth so far. Marathon Digital (MARA) has lost more than a third of its market value this year.
The cryptocurrency exchange Coinbase is a pure-play, whereas Robinhood derived around 20 percent of its buying and selling revenue from bitcoin in the third quarter, down from 41 percent in the second quarter.
In addition to Sq. owner Block (SQ), Elon Musk’s Tesla (TSLA), and software program company MicroStrategy (MSTR), which is headed by uber-crypto bull Michael Saylor, other shares with links to cryptocurrencies have been hammered on Monday and are off to a dismal start in 2022 as well.
However, because Robinhood is largely recognized as an app for buying and selling stocks, the general market sell-off and volatility are doubly harmful for the company.
