Crypto stocks drop hard after the Senate canceled a key market structure vote

Crypto stocks are getting crushed today. The biggest drops are coming from Circle, Robinhood, Coinbase, and Strategy. Circle is down 9.67%. Robinhood dropped 7.78%. Coinbase sank 6.49%. Strategy lost 4.68%.

The panic started after a total collapse in Washington. There was a major crypto bill scheduled for a Senate vote. That was supposed to happen on Thursday. It would’ve been a big deal for the entire market. But late Wednesday night, Coinbase CEO Brian said:-

“Coinbase unfortunately can’t support the bill as written. This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill.”

Hours later, the Senate Banking Committee pulled the whole thing.

Congress delay of crypto market structure legislation hits related stocks

Circle, which had made something of a history on Wall Street last year, dropped to $76.60 with $1.2 billion traded. Coinbase fell to $239.26 on $83.4 million volume. Robinhood crashed to $110.36. Strategy dropped to $170.93. Between them, more than $20 billion vanished.

The rest of the crypto sector went down too. Exodus dropped the most at 11.09%. Bitmine lost 5.48%. CleanSpark was down 4.42%. Riot Platforms fell 4.33%. MARA, Bitfarms, Bullish, and Canaan all took hits between 3% and 6%. PayPal, Block, SharpLink, Metaplanet, Hut 8, Neptune, and GREE all fell too. Nothing held up.

Even Exodus, with just $44K in daily trades, got caught in the selloff. Meliuz dropped 6.03%. American Bitcoin Corp fell 4.26%. Gemini, Bit Digital, and Semler Scientific also went red. CIFR, PRE, BOYAF, MARA, and MTPLF all turned negative.

Earlier this week, Bitcoin jumped from $90,000 to a two-month high, just as there were rumors about the U.S. getting involved in Iran. Over $1.7 billion poured into bitcoin ETFs in just three days, the longest inflow streak in months.

But now, that’s done too. Signs came out that the U.S. wasn’t going to touch Iran. That killed the rally. Traders pulled out. Stocks fell. No real buyers showed up. The ones who got in earlier this week are now running for the exit.

Some stocks held up. Galaxy Digital popped 13.46%, trading over $849 million. Bitdeer rose 3.39%. Nexon and Net Holding also went green. But those are the few exceptions. Most crypto names are getting crushed today.

The Dow somehow closed higher, up 292 points to 49,442. S&P 500 ended at 6,944, and the Nasdaq finished at 23,530. But none of that helped crypto stocks. They’re in their own world today, and that world is bleeding.

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