US Stock Market Move | The concept stocks of cryptocurrency plummeted collectively, with Coinbase (COIN.US) falling more than 13%.

On Friday, the concept stocks of cryptocurrencies collectively plummeted, with Coinbase (COIN.US) and Riot Platforms (RIOT.US) both dropping over 13%, Robinhood (HOOD.US) falling by more than 8%, and Circle (CRCL.US) and MARA Holdings (MARA.US) dropping by over 5%. On the news front, the largest cryptocurrency exchange in the United States, Coinbase, saw its second-quarter profit surge to $1.4 billion, mainly due to the huge gains it made from its investment in Circle Internet Group, but its revenue fell short of Wall Street expectations. Coinbase's second-quarter report showed that its earnings per share in the second quarter reached $5.14, far exceeding the $0.14 per share in the same period last year. The sharp increase in profit was mainly due to the strong performance of stablecoin supplier Circle's IPO in June, which brought pre-tax investment income to Coinbase. Despite the significant growth in profit, Coinbase's total revenue only increased from $14 billion in the same period last year to $15 billion, which was lower than analysts' expectations of $15.9 billion. Compared to the first quarter, revenue fell by 26%, dropping from over $20 billion to the current level.