Shares of Gemini Space Station, Inc. (GEMI) plummeted 15.15% during intraday trading on Wednesday, as the newly listed cryptocurrency exchange faced significant pressure amid a broader market selloff. The sharp decline came as Federal Reserve Chair Jerome Powell delivered a speech that triggered a widespread downturn across both traditional and crypto-related stocks.

The cryptocurrency sector, in particular, experienced a notable decline during Powell's address. Several crypto-related stocks saw substantial drops, with Coinbase (COIN) falling 3.72%, Circle (CRCL) declining 3.61%, and MicroStrategy (MSTR) dropping 2.52%. As a recent addition to the public markets, Gemini appeared to be more susceptible to the market volatility, resulting in a more pronounced sell-off compared to its peers.

The dramatic fall in Gemini's stock price underscores the challenges faced by newly listed companies in the volatile cryptocurrency space. As investors digest Powell's comments and reassess market conditions, it remains to be seen how Gemini and other crypto-related stocks will fare in the coming days. The company's ability to navigate these turbulent market conditions may prove crucial for its long-term performance and investor confidence.