3 Biggest Bitcoin Takeaways from JPMorgan’s Q3 Earnings

7yrHpWCl 980x580

JPMorgan is not a Bitcoin indicator. But the American banking giant’s third-quarter earnings report is full of anecdotes that may influence the cryptocurrency’s future outlook – in one way or another. Background The JPMorgan earnings showed an increase in profits by about 4 percent from a year ago. The WSJ reported the outcome as “surprise,” stating that the bank’s return to pre-pandemic levels baffled earlier Wall Street estimations. JPMorgan somewhat represents the health of the US economy, which remains in recession thanks to coronavirus. However, it was not the consumer business that upped JPMorgan’s profits. The bank made its money from its corporate and investment wing. The gains surged by about 25 percent as companies rushed to secure cash, refinance debt, and dump stocks to offset the recession. The Three Bitcoin Takeaways #1 Loan Defaults JPMorgan marked down the amount of money it had reserved to cover bad loans–from $10.47…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE