Crypto Market Continues to Plummet

Coinbase shares fell about 9% in the afternoon after Baird downgraded the stock to a “Bearish Fresh Pick,” cutting its price target to $142 from $160 (Neutral). Baird expects Q2 revenue to miss Wall Street consensus by 5–6%, citing trading activity driven by Bitcoin selling rather than new capital. The move followed a near-6% Bitcoin drop and rate-hike concerns after a strong May jobs report.

Wall Street’s nine-week winning streak ended Friday as the Nasdaq Composite fell 4.18% and the S&P 500 dropped 2.64%, with chip and tech stocks leading losses. The Philadelphia SE Semiconductor Index plunged, wiping out more than $1 trillion in value, after May jobs data showed 172,000 jobs added and unemployment at 4.3%, raising expectations of a hawkish Fed.

Bitcoin fell more than 17% over the week, dropping below $60,000, as long liquidations worth $532 million on Binance intensified selling. Sentiment also weakened after Strategy sold 32 BTC for $2.5 million, raising concerns about future corporate sales. Ethereum, Solana, and related stocks also declined, while strong U.S. labor data reduced rate-cut hopes and ETF inflows were small.

Robinhood posted a crypto teaser on X pointing to a “new era of crypto” presentation dated 7.1.26. The linked page, “The World is Flat,” features Robinhood CEO Vlad Tenev and references “products reshaping the map of finance.” The article ties the theme to Robinhood’s WonderFi acquisition, which the company said closed for about C$250 million (fully diluted) and gives it over 1 million customers outside the U.S.

Wall Street ended a nine-week winning streak on June 5, with tech and chip stocks leading declines after a hot May jobs report raised rate-hike fears. The Labor Department said jobs rose 172,000 and unemployment held at 4.3%. The S&P 500 fell 2.63% to 7,384.67, Nasdaq dropped 4.16% to 25,713.58, and Dow lost 1.33% to 50,877.40. Nvidia, Intel, Micron, AMD and Broadcom fell.

Coinbase and Better funded the first Fannie Mae-backed U.S. mortgage using Bitcoin as collateral, The Block reported. The product is set to roll out nationwide this summer, with a $250 million loan-volume waitlist, Yahoo Finance said. Separately, Pepeto said it raised over $10.2 million ahead of a Binance listing, while the article notes Bitcoin below $62,000 and weaker ADA and XRP prices.