Coinbase fell 2%, Robinhood dropped 3% ahead of the Fed rate decision. JPMorgan expects a hawkish hold. Goldman Sachs analysts said the Fed's guidance could matter more than the rate call.
Crypto stocks slid Wednesday. Investors waited on the Federal Reserve's interest rate decision.
Coinbase dropped nearly 2% to $164.69. Robinhood fell more than 3% to $90.13. Near flat, Strategy shares traded at $96.23.
The moves came ahead of the Fed's policy announcement, due later Wednesday. JPMorgan analysts said they expect the central bank to hold rates steady. The statement would likely carry a hawkish tone, they said. A hawkish hold would keep the S&P 500 flat or push it lower. A dovish outcome could lift equities and digital assets, traders said.
Goldman Sachs analysts noted elevated uncertainty around the meeting. Interest-rate futures showed a 33.7% probability of a 25-basis-point hike, according to the CME FedWatch Tool. A rate increase would strengthen the dollar and weigh on risk assets, including cryptocurrencies and tech stocks, traders said.
Bitcoin traded lower alongside the stock moves. The broader crypto market tracked the risk-off tone ahead of the Fed decision.
Coinbase holds an Alpha Score of 36 out of 100 from AlphaScala, a Mixed rating.
Robinhood is scheduled to report second-quarter fiscal 2026 earnings after the close. The report adds another catalyst for the stock.
The Fed's rate decision is due at 2 p.m. ET. Powell's press conference follows at 2:30 p.m.
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