As bitcoin (BTC-USD) and other popular cryptocurrencies fall, so do a number of stocks that rely on the crypto market. Coinbase Global (COIN), the U.S.-listed crypto exchange, is chief among them. Bitcoin, retracing much of the gain it made on Monday and Tuesday, was falling ~4.4% late Wednesday afternoon on the same day that JPMorgan Chase CEO Jamie Dimon warned of an economic "hurricane" approaching and as investors position themselves for the Fed's looming actions to reduce its balance sheet. With so much uncertainty about the economy, generally, and crypto, specifically, some investors may have decided there's too much risk in digital assets. That would damp trading activity and hurt Coinbase (COIN) in the process. In addition, growth-focused fintech stocks haven't fared well since the start of the year as many investors turn to more value stocks. Robinhood Markets (HOOD), which makes a good chunk of its revenue from crypto
