Wall Street Indexes Advance Record Highs Ahead of Bank Stress Tests Results; Bitcoin Rallies Again: Markets Wrap

Despite its volatility, crypto keeps attracting more and more venture capitalists. VC firm Andreessen Horowitz raised $2.2 billion for Crypto Fund III. The venture giant now allocates $3 billion to the asset class.


Blockworks exclusive art by Axel Rangel


key takeaways

  • The S&P 500 and Nasdaq Composite Index were trading near record highs all day.
  • BOE’s lending rate will not change after a unanimous vote in a monetary policy meeting on Thursday.

US stocks made continued gains as investors anticipated stress tests results after market close on Thursday. The yearly ritual will reveal how banks handle various hypothetical economic challenges, including if they have enough capital to lend. All 23 participants are expected to pass, which may boost buybacks and dividends.

This comes at a time when traders are assessing Federal Reserve Chair Jerome Powell’s comments over inflation and Thursday’s reported jobless claims, which fell less than expected to 411,000. 

Striking a sense of economic optimism in traders after President Biden’s multi-billion dollar infrastructure plan, the S&P 500 and Nasdaq Composite Index were trading near record highs all day. All major indexes landed in the green by close.


  • The Dow boosted 0.95% to 34,196.
  • S&P 500 shot up 0.58% to 4,266.
  • Nasdaq jumped 0.69% to 14,369.


“From an economic standpoint, there’s still a lot of positives for growth,” said Megan Horneman, director of portfolio strategy at Verdence Capital Advisors in an interview with the Wall Street Journal. “We’ve seen markets do well when the interest-rate environment is tame. That’s fueling the optimism.”


Bitcoin’s rally continues…for now. The digital currency dropped below $30,000 then surged back to almost $35,000 on Wednesday, following news that China had amped up its bitcoin mining regulations and forced banks to ban all of its transactions. Despite climbing up almost 10% in 24 hours, Bitcoin appeared to have slowed down its gains then shot right back up again Thursday afternoon.

Despite this week’s volatility, the space keeps attracting more and more venture capitalists. VC firm Andreessen Horowitz (a16z) raised $2.2 billion for Crypto Fund III, which they announced Thursday. The venture giant now allocates $3 billion to the asset class.

  • Bitcoin is trading around $34,893.72, inching up 4.64% in 24 hours at 4:00 pm ET.
  • Ether is trading around $2,010.15, advancing 3.37% in 24 hours at 4:00 pm ET. 
  • ETH:BTC is at 0.058, down -1.57% at 4:00 pm ET.
  • VIX is down -2.14% to 15.97 at 4:00 pm ET.


“As with any new computing movement, crypto has endured a variety of challenges and misconceptions,” A16z wrote in an announcement. “That’s why we are also bringing together heavy-hitters across several functions to help translate crypto to the mainstream.”

Fixed income

  • The US 10-year yields 1.497% as of 4:00 pm ET.


  • Crude oil had an intraday high of $73.61 per barrel and rose 0.38%.
  • Gold was down –0.47% at $1,775.20


  • The US dollar strengthened 0.02%, according to the Bloomberg Dollar Spot Index.

In other news…

Bank of England’s lending rate will not change at 0.1%, BOE announced Thursday after a unanimous vote in a monetary policy meeting. Following the dovish news, the pound slipped against the dollar 0.5% and the UK 10-year bond dipped as well. Additionally, monthly bond purchases will stay the same.

We’re watching out for …

  • The PCE price index will be released on Friday.

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


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


Revolut said that the standalone crypto exchange is currently “invite only”


The stock price jump comes after Coinbase reported ending its seven-quarter run of net losses during the fourth quarter


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders