Geopolitical Score 82 Bearish

Crypto Equities Plunge as Geopolitical Tensions Spike Oil Prices

Apr 29, 2026 16:52 UTC

HOOD, COIN, BLSH, GEMI, RIOT, MARA, MSTR, BTC, CL=F, GOOG, AMZN, META, MSFT

Immediate term

Crypto-linked stocks faced a sharp sell-off following a revenue miss by Robinhood and escalating U.S.-Iran tensions. Oil prices surged past $100 per barrel after President Trump rejected a proposal to reopen the Strait of Hormuz.

Robinhood (HOOD) plunged 14% on a 47% drop in crypto revenue
Coinbase and Bullish both declined 8%
WTI oil topped $100/barrel following U.S. rejection of Iran proposal
Bitcoin remained relatively stable, dipping 0.5% to ~$76,000
Markets awaiting Fed policy statement and Big Tech earnings

Crypto-related equities experienced a broad decline on Wednesday, led by a significant drop in digital brokerage and exchange stocks. The sell-off was triggered by a combination of disappointing corporate earnings and heightened geopolitical risk in the Middle East. Robinhood (HOOD) shares fell nearly 14% after reporting a nearly 47% quarterly decline in crypto-related revenue. This earnings miss signaled a potential cooling in retail trading demand, dragging down other industry players including Coinbase (COIN) and Bullish (BLSH), both of which dropped 8%. Gemini (GEMI) also saw a 6% decline. The contagion extended to Bitcoin miners, with Riot Platforms (RIOT) and MARA sliding 6-7%, while MicroStrategy (MSTR) declined 4%. Notably, the equity rout outpaced the underlying asset; Bitcoin (BTC) saw a more modest decline of 0.5%, trading just below $76,000. Simultaneously, energy markets reacted sharply to reports that President Donald Trump rejected an Iranian offer to end the naval blockade of the Strait of Hormuz. The decision to maintain the blockade until a comprehensive nuclear deal is reached pushed West Texas Intermediate (WTI) crude above $100 per barrel, representing a 6% increase. Investors are now pivoting toward the Federal Reserve's final meeting under Chairman Jerome Powell and upcoming earnings reports from Alphabet, Amazon, Meta, and Microsoft to gauge the trajectory of AI spending and broader economic policy.