Robinhood, Block stocks fall after Coinbase outlook dims on crypto swoon

Robinhood Markets (NASDAQ:HOOD) stock is falling 10% in midafternoon Wednesday trading after Coinbase Global (COIN) said cryptocurrency trading is declining in Q2 from Q1 levels. Robinhood's (HOOD) Q1 2022 crypto transaction-based revenue of $54M accounted fell 39% from $88M in Q1 2021; and in the most recent quarter accounted for ~18% of Robinhood's (HOOD) Q1 net revenue. "In April, we saw continued declines in both crypto asset volatility and crypto prices, which we believe are associated with weakness in financial markets," Coinbase (COIN) said in its letter to shareholders. Overall, investors are shunning tech growth names. Most fintech and crypto names are in the red, as credit conditions tighten with rising interest rates and bitcoin (BTC-USD) drops below $30K, recently trading at $29.8K. Block (SQ), which also gets revenue from bitcoin (BTC-USD) trading, is falling 16%. Other big movers are Upstart (UPST), -20%, Paysafe (PSFE) -18%, Dave (DAVE) -8.7%. In crypto,