• Mastercard is set to acquire crypto intelligence company CipherTrace, the company announced Thursday
  • Brian Quintenz is joining Andreessen Horowitz (a16z) as an advisory partner to the VC firm’s crypto team

Bitcoin and ethereum continue to recover after Tuesday’s plunge.

Bitcoin was trading at $46,621.43, up roughly 1% on-day. Despite small gains, the largest crypto by market capitalization is still down 5.24% in the past week.

Ethereum is ahead 0.12% on-day. Ether has advanced 10.86% in the past seven days, according to Messari. The total crypto market cap remains above $2 trillion, recording at $2.11 trillion.

In altcoins, Solana hit $213.47 within the last day, according to CoinGecko, while Polkadot was trading at $30.20, up almost 9%, as of press time.

Signals of further institutional adoption continue on Thursday with Mastercard’s announcement to acquire a crypto intelligence company CipherTrace, Blockworks reported.

DeFi

  • Chainlink (LINK) is trading at $28.42, ahead 4.6% with trading volume at $1,908,473,308 in 24 hours at 4:00 pm ET.
  • Uniswap (UNI) is trading at $23.48 with a total value locked of $4,284,231,019, advancing 0.8% in 24 hours at 4:00 pm ET. 
  • DeFi:ETH is 30.5% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $46,621.43, advancing 1.21% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,478.18, up 0.12% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.075, advancing 2.88% at 4:00 pm ET.

Insight

Head of Strategy at Delio, Oleg Smagin, weighed in on this week’s price action in the crypto markets, commenting on the attempts at regulatory crackdowns and El Salvador’s Bitcoin Law.

“One of the reasons for a sudden selloff on Tuesday was the so-called ‘buy the rumor, sell the news’ rule. A lot of bitcoin investors have been accumulating Bitcoin before the date when the Bitcoin Law goes effective in El Salvador to take profits when the Bitcoin price peaks,” Smagin told Blockworks. “However, the overall trend remains bullish and it is highly likely that the market would recover quickly, although the SEC threats to Coinbase and Uniswap probe might cause concerns among crypto investors and companies and put more pressure on prices in the short-term”. 

Polkadot (DOT), Bitcoin (BTC) and Ethereum (ETH) trading over the past day Source:TradingView

The Dow Jones Industrial Average fell for the fourth day in a row. All major Wall Street gauges closed in the red.

Equities

  • The Dow declined -0.43% to 34,879.
  • S&P 500 is down -0.46% to 4,514.
  • Nasdaq shed -0.25% to 15,248.

Commodities

  • Brent crude was down to $71.29 per barrel, shedding -1.8%.
  • Gold advanced 0.16% to $1,796.4.

Currencies

  • The US dollar fell -0.16%, according to the Bloomberg Dollar Spot Index.

Fixed Income

  • US 10-year treasury yields 1.295% as of 4:00 pm ET.

In other news…

A former commissioner at the Commodity Futures Trading Commission Brian Quintenz is joining Andreessen Horowitz (a16z) as an advisory partner to the venture capital firm’s crypto team, Blockworks reported on Thursday.

We are looking out for

  • Producer Price Index data will be released on Friday.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

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  • Morgan Chittum is a New York-based reporter covering markets, NFTs, the metaverse and digital assets. Before Blockworks she was a street reporter at New York Daily News, where she wrote about homicide, extremist groups, state politics and other critical topics in New York. She was a Media and Journalism Fellow at the Poynter Institute, where she dabbled in data and investigative journalism. She is published in American Banker, Yahoo News, Chicago Tribune and more.