Major Banks See Revenue Soar As Investors Leave Crypto Market
Leading worldwide banks have reported an increase in income, fueled by investors’ preference for traditional currencies, as they appear to be ignoring cryptocurrencies in the midst of a lengthy bad market.
Following years of stagnating volumes, trade in conventional currencies has returned to historical levels, with a 30% increase, according to Bloomberg on October 10.
The cash return has been ascribed to volatility in risky assets such as Bitcoin (BTC) and the broader crypto industry, which has occurred in the context of current interest rate rises and geopolitical concerns.
Deutsche Bank, UBS Group AG, and JPMorgan are the biggest beneficiaries of the scenario, with a combined market share of 30%. JPMorgan’s fixed-income markets division increased by 15% in the second quarter.
At the same time, UBS stated that foreign currency was the primary driver of its revenue increase of 19%. In other news, Deutsche Bank‘s revenue increased 32%, making it the bank’s greatest second quarter in a decade.
At the same time, it’s worth mentioning that the cryptocurrency market has plummeted in 2022, despite Bitcoin mining’s difficulty reaching an all-time high this month. Apart from a surge during the start of the epidemic, currency volatility trackers at Deutsche Bank and JPMorgan Chase & Co. are at their highest in a decade.
Tanvir Sandhu, the chief global derivatives strategist at Bloomberg Intelligence, said:
“Crypto seemed to be having all the fun until the central banks started breaking things. It took inflation to blast the secular decline in currency volatility as central banks unleashed years of suppression. Volatility creates opportunity, and it’s a trader’s best friend.”
Amid the prevailing economic conditions, the U.S. dollar has stood out as a critical hedge across markets as other global currencies corrected significantly. Its strength has grown significantly since the Fed started raising interest rates to correct for market inflation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Author
News
Major Banks See Revenue Soar As Investors Leave Crypto Market
Leading worldwide banks have reported an increase in income, fueled by investors’ preference for traditional currencies, as they appear to be ignoring cryptocurrencies in the midst of a lengthy bad market.
Following years of stagnating volumes, trade in conventional currencies has returned to historical levels, with a 30% increase, according to Bloomberg on October 10.
The cash return has been ascribed to volatility in risky assets such as Bitcoin (BTC) and the broader crypto industry, which has occurred in the context of current interest rate rises and geopolitical concerns.
Deutsche Bank, UBS Group AG, and JPMorgan are the biggest beneficiaries of the scenario, with a combined market share of 30%. JPMorgan’s fixed-income markets division increased by 15% in the second quarter.
At the same time, UBS stated that foreign currency was the primary driver of its revenue increase of 19%. In other news, Deutsche Bank‘s revenue increased 32%, making it the bank’s greatest second quarter in a decade.
At the same time, it’s worth mentioning that the cryptocurrency market has plummeted in 2022, despite Bitcoin mining’s difficulty reaching an all-time high this month. Apart from a surge during the start of the epidemic, currency volatility trackers at Deutsche Bank and JPMorgan Chase & Co. are at their highest in a decade.
Tanvir Sandhu, the chief global derivatives strategist at Bloomberg Intelligence, said:
“Crypto seemed to be having all the fun until the central banks started breaking things. It took inflation to blast the secular decline in currency volatility as central banks unleashed years of suppression. Volatility creates opportunity, and it’s a trader’s best friend.”
Amid the prevailing economic conditions, the U.S. dollar has stood out as a critical hedge across markets as other global currencies corrected significantly. Its strength has grown significantly since the Fed started raising interest rates to correct for market inflation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Other Posts
Related Posts
Latest
Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance
Clanker Token Trading Volume Hits $59.8 Million High On November 21
Press Release
Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance
New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot
