The price of Bitcoin was lower by more than 1% Thursday morning as cryptocurrencies declined.
The price was around $44,300 per coin, while rivals Ethereum and Dogecoin were trading around $2,980 and 29 cents per coin, respectively, according to Coindesk.
Robinhood is bracing for a slowdown despite reporting strong second quarter revenue on Wednesday.
Shares of Robinhood fell more than 9% in after-hours trading following the earnings results.
The commission-free trading app, which rose to popularity earlier this year as a result of the trading frenzy surrounding meme stocks like GameStop and AMC, posted a net loss of $502 million, or $2.16 per diluted share.
Total net revenues surged 131% to $565 million, compared to $244 million during the same period a year ago.
According to the company, over 60% of its funded accounts traded cryptocurrencies.
While Robinhood supports a portfolio of seven cryptocurrencies, approximately 62% of its cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin, compared to 34% in the previous quarter.
"If demand for transactions in Dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results of operations could be adversely affected," the company warned in a filing.
in other cryptocurrency news, an Ohio man who operated a service to help launder hundreds of millions of dollars through the darknet pleaded guilty on Wednesday to a money laundering conspiracy charge, authorities announced.
Larry Dean Harmon, 38, ran the service Helix from 2014 to 2017, according to the U.S. Attorney’s Office for the District of Columbia. Helix served as a bitcoin "mixer" or "tumbler," helping those involved in transactions conceal the owner of the bitcoin.
Chief Judge Beryl Howell of the U.S. District Court for the District of Columbia will sentence Harmon at a later date. Harmon faces as long as 20 years in prison plus a fine of $500,000 or twice the value of property in the transactions, three years of parole and mandatory restitution.
FOX Business' Lucas Manfredi and James Leggate contributed to this report.