Daily Crypto Roundup: Bitcoin Slides as Robinhood Pushes DeFi and Stripe Battles Swift

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Welcome back to the Daily Crypto Roundup. Bitcoin has been dragged back into the danger zone. Ether is falling harder than Bitcoin despite fresh ETF money. And one of the biggest sell-offs in global chip stocks has suddenly become the most important story in crypto. But while prices are struggling, Wall Street and the world's largest payment companies are continuing to build at a remarkable pace. Today, we are looking at Robinhood's attempt to bring 10 million ordinary investors on chain, the battle between Stripe and Swift for control of the next generation of global payments, Citadel Securities putting 400 million dollars into crypto.com, and whether Dogecoin is about to lose a critical support level. Before we get into today's biggest stories, a quick reminder about Kraken. If you are looking for a trusted platform to buy, sell or trade crypto, you can support the podcast by signing up through the Kraken link in the episode description. It costs you nothing extra, but it directly helps us continue producing two episodes every day. Anyone who signs up through that link is also eligible for our XRP giveaway. We are giving away 20 XRP regularly to listeners who support the show through Kraken, so make sure you use the official link in the description rather than searching for it separately. Once you have signed up, leave a comment or message the show so we know who to send it to.
At the time of recording, Bitcoin is trading at approximately $64,000 after briefly falling below $63,000 earlier in the session. Ethereum is around $1,845.
XRP is close to $1.09.
Solana is around $75.
BNB is near $566.
Dogecoin is trading just above $0.07. And Hyperliquid's hype token is around $60.
The important point is that this was not initially a crypto-specific sell-off. The pressure began in global semiconductor stocks as investors questioned whether the enormous artificial intelligence trade had moved too far, too quickly. Japan's Nikkei fell around 5% in its worst session since March, while Taiwan Semiconductor and several other major chip names came under heavy pressure. That weakness then spread into United States technology stocks, Bitcoin, Ether and the wider altcoin market. Bitcoin initially dropped to roughly $62,800, around 3% lower over 24 hours, before recovering as the Nasdaq reduced its losses. Earlier in the week, softer inflation data had helped Bitcoin climb towards $65,000, but the market failed to break through that level twice.
According to Alex Kupcicovich of FXPro, Bitcoin did not produce the higher high needed to confirm a reversal and dropped back below its 50-day moving average. He identified $61,000 and $59,000 as important support zones, with the lower boundary of the broader downtrend channel sitting closer to $56,000.
That does not mean Bitcoin is definitely heading to $56,000.
It means the market has still not proven that the correction is over. Bitcoin's recovery toward $64,000 is encouraging, but bulls need to reclaim $65,000 decisively rather than touching it and immediately being rejected again. Ethereum was the more worrying move. It fell roughly 4% to around $1,850, about twice the percentage decline seen in Bitcoin during the initial sell-off. This happened despite United States spot Ethereum ETFs, attracting nearly $97 million during the first three days of the week, with BlackRock accounting for most of those inflows. That tells us something important. ETF demand is helpful, but it cannot completely protect an asset when the entire market suddenly moves into risk-off mode. Wintermute's over-the-counter desk described the current action as consolidation beneath resistance rather than the beginning of a confirmed continuation higher. Glassnode's on-chain data has also not yet confirmed a full reversal, while the fear and greed index remains in extreme fear territory at 25 Hyperliquid was hit even harder, with hype falling approximately 10% at one stage. Solana, XRP, BNB and Dogecoin also declined, although Bitcoin remained the strongest of the major assets. That relative strength matters. During genuine market stress, investors often reduce exposure to smaller and more volatile tokens first, while Bitcoin behaves more like the reserve asset of the crypto market.
There is another macro risk building in the background also. Oil prices have rebounded sharply, with Brent crude moving toward $85 per barrel and gaining around 12% over the week. Higher oil prices can feed back into inflation, potentially making central banks less comfortable about cutting interest rates. The softer inflation number that helped crypto earlier in the week was partly supported by lower energy prices, so a sustained oil rebound could complicate that story. Now, while traders are focused on the red candles, Robinhood is attempting something much larger. The company says its new blockchain is not primarily trying to steal existing crypto traders away from platforms such as Hyperliquid. Its real objective is to bring Robinhood's more than 10 million active users into on-chain finance for the first time. Robinhood Chain briefly generated approximately $878 million in decentralized exchange volume during a single 24-hour period, temporarily moving ahead of base and Ethereum. On the surface, that looks extraordinary. But the detail shows that much of the activity came from meme coin speculation rather than the tokenized stocks, ETFs and real-world assets the chain was designed to support. Approximately $734 million has been bridged onto Robinhood Chain. But only around $211 million is actively deployed in lending, yield products and decentralized applications. Its tokenized real-world asset market is worth only about $12.66 million.