The Crash in Bitcoin (BTC) Helped Wall Street!

Influenced by the current bear market Bitcoin (BTC) and cryptocurrencyThe collapse in the financial markets had a negative impact on institutional investors as well as retail investors.

Drawing attention to this situation, Bloomberg stated in its report that leading global banks experienced an increase in traditional currency revenues.

Noting that the rate of investors using cryptocurrencies in international payments has decreased due to the effect of the bear market, the report said that investors prefer traditional currencies.

“With the effect of the bear market, investors have turned to traditional currencies while reducing the use of cryptocurrencies in international payments.

In this context, trade using traditional currencies has soared to historic levels, with an increase of around 30% after years of stagnant transaction volumes.”

Among the reasons investors are turning to traditional currencies, the Bloomberg report states, “volatility between high volatility, rises in interest rates and geopolitical tensions in risky assets like Bitcoin and cryptocurrencies overall” shown.

In the report, it was stated that Deutsche Bank, which has a 30% market share, as well as UBS Group AG and JPMorgan are among the banking giants that experienced an increase in traditional currency revenues.

In particular, it was stated that JPMorgan recorded a 15% increase in its fixed income markets business in the second quarter.

The report, which wrote that the revenue of UBS increased by 19%, stated that the main contribution to the increase in revenue came from foreign currency.

Speaking on the subject, Tanvir Sandhu, global derivatives strategist at Bloomberg Intelligence, said:

“Crypto seemed to be having all the fun until central banks started fixing the issues.

As central banks released years of pressure, the drop in currency volatility required inflation to explode. Volatility creates opportunity and is a trader’s best friend.”