Crypto stocks follow bitcoin

Coinbase and Robinhood rise and fall with bitcoin, which swings with interest-rate bets and crypto rules in Washington.

Coinbase and Robinhood earn fees when customers trade crypto, and customers trade more when prices are rising, so their stocks move with bitcoin, often by more. Bitcoin itself tends to rise when interest rates are expected to fall and when Washington moves toward clear crypto rules, like the Clarity Act. It is still well below its level of a year ago, which is why Robinhood is leaning on prediction markets and options to grow.

Where it stands A record $6.3B hack at Binance on Oct. 30 sent bitcoin below $77,000, down from over $86,000 earlier in October. Coinbase fell 10.6% despite beating forecasts.