Crypto-associated publicly traded WealthTechs off 10% on Thursday post midterms

5 hours ago

1 min read

Moadel, D. (2026, November 5). Robinhood sinks 12%, SoFi tumbles 9%, Affirm drops 8% as Bitcoin slides and Democratic Congress weighs on fintech. Yahoo Finance. https://finance.yahoo.com/markets/crypto/articles/robinhood-sinks-12-sofi-tumbles-190303224.html

In afternoon trading on November 5, Robinhood, Webull, Coinbase, and others were all off over 10% at one point or another during the day.
PayPal fell 2% to $58.82 and Block fell 4% to $84.24, a gap the article says shows sellers targeting higher-growth, more volatile fintech names.
Bitcoin traded at $76,003, down 5% over 24 hours, as investors moved out of riskier assets after the post-midterm rally of November 4 faded.
Robinhood has the most direct crypto exposure of the three, and it reported Q2 2026 cryptocurrency revenue of $100 million, down 38% year over year, even as its options, equities and event contracts lines grew.
After Democrats won control of both chambers of Congress, Stifel's Brian Gardner told Yahoo Finance that the crypto industry's Clarity Act is off the table for the lame duck session.
Gardner also expects Senator Elizabeth Warren, poised to chair the Senate Banking Committee, to pursue investigations of crypto firms, Wall Street banks and private equity firms.
The article notes Robinhood's reliance on payment for order flow leaves it exposed to tougher rules from Washington, while SoFi is more sensitive to credit conditions and interest rates than to crypto prices.

Knote: Hackers steal $6.5B in crypto and nothing really happens. Democrats get control of Congress and it's pure havoc. Maybe AI can figure it out.