Stock Track | Robinhood Plummets 11.99% on Powell's Comments Against Fed Owning Bitcoin

Stock Track12-19

Robinhood Markets Inc. (HOOD) stock plummeted 11.99% on Wednesday, caught in the broad sell-off of cryptocurrency and blockchain-related stocks after Federal Reserve Chair Jerome Powell said the central bank is not permitted to own bitcoin.

Speaking at a press conference following the latest Federal Open Market Committee meeting, Powell stated, "We're not allowed to Bitcoin. In terms of the legal issues around holding Bitcoin, that's the kind of thing for Congress to consider, but we are not looking for a law change at the Fed."

The comments exacerbated the declines in major cryptocurrencies, with bitcoin falling around 5% to around $101,000 and ether shedding 6% to trade near $3,698. As a popular retail trading platform for cryptocurrencies, Robinhood's stock was heavily impacted by the crypto sell-off triggered by Powell's remarks.

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(HOOD) stock plummeted 11.99% on Wednesday, caught in the broad sell-off of cryptocurrency and blockchain-related stocks after Federal Reserve Chair Jerome Powell said the ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HOOD","symbol_name":"Robinhood","start_time":0,"source_url":"","article_id":"1160942767","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1160942767","pubTimestamp":1734555419,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Robinhood Markets Inc.  stock plummeted 11.99% on Wednesday, caught in the broad sell-off of cryptocurrency and blockchain-related stocks after Federal Reserve Chair Jerome Powell said the central bank is not permitted to own bitcoin.Speaking at a press conference following the latest Federal Open Market Committee meeting, Powell stated, \"We're not allowed to Bitcoin. 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In terms of the legal issues around holding Bitcoin, that's the kind of thing for Congress to consider, but we are not looking for a law change at the Fed.\"\nThe comments exacerbated the declines in major cryptocurrencies, with bitcoin falling around 5% to around $101,000 and ether shedding 6% to trade near $3,698. 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