Falling crypto stocks could slow down IPO and deal market: Crypexbit
Shares of Robinhood, a popular app brokerage company, have fallen 29.61% since the start of 2021. Since it soared to a record high above $80 shortly after debuting on the public market, it has fallen more than 80%, Crypexbit reported.
Meanwhile, Coinbase shares have fallen 23.5% since the beginning of the year and ended trading Friday at $13.38.
Bitcoin, meanwhile, is down about 48.7% from a high of about $69,000 a coin to $35,369. It is down about 25% since the beginning of the year.
The U.S. Federal Reserve’s intention to raise interest rates as part of its strategy to fight rising inflation has rolled through the markets, alienating investors from growth stocks and riskier assets that have benefited from the Fed’s easy money policy. The Nasdaq Composite has fallen more than 12% since the beginning of the year.