Why Robinhood (HOOD) Stock Markets Tied to Bitcoin and Ethereum Are Falling – Robinhood Markets (NASDAQ:HOOD)

Robinhood Markets Inc HOOD shares are trading down 5.30% at $9.92 on Monday afternoon, with crypto-related stocks continuing to see volatility following the recent bankruptcy of FTX.

What happened with FTX?

Embattled cryptocurrency exchange FTX, its U.S. subsidiary FTX US, sister company Alameda Research and about 130 other affiliates filed for Chapter 11 bankruptcy in a U.S. court on Friday.

The stunning development comes as industry participants eye the Tron founder Justin Sun to possibly bail out the troubled exchange.

Hours earlier, Sun said it entered into negotiations with FTX after Changpeng ZhaoBinance CEO, walked away from the case an agreement to acquire the Bahamas-based exchange FTX…Read more

What else is going on with crypto?

Ethereum co-founder Vitalik Buterin took a dig at the FTX chief Sam Bankman Fried about his donations to political leaders and said giving large sums to politicians was what ended up break cryptocurrency exchange.

In an apparent jab at US regulators, Buterin also said FTX is headquartered in the Bahamas and the location was chosen in part due to a lack of a regulatory framework, such as exists in the US. .Read more

According to data from BenzingaProHOOD has a 52-week high of $35.90 and a 52-week low of $6.81.