Cryptocurrency prices are firming and up about 2% as Wall Street reacts to strong second-quarter financial results from America’s leading banks.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is up 2% and trading at $63,350 U.S. on July 14.
Ethereum (ETH) is up 3% and changing hands at $1,820 U.S. Other digital assets are also recovering from a selloff the previous day.
The rebound comes following strong quarterly prints from major U.S. lenders such as JPMorgan Chase (JPM), Bank of America (BAC), and Goldman Sachs (GS).
The banks kicked off second-quarter earnings season in the U.S. and the results were strong across the board, with each major lender surpassing Wall Street’s expectations.
JPMorgan Chase and investment bank Goldman Sachs each reported record financial results across the board due to strong stock trading and deals on Wall Street.
Goldman Sachs’ profit rose 92% year-over-year and sales climbed 39% higher than a year earlier. The bank raised its quarterly dividend 11% to $5.00 U.S. per share.
The bank results demonstrate that boom times have returned to Wall Street and that the U.S. economy remains resilient despite geopolitical instability.
The strong Q2 prints have investors turning back to risk assets such as cryptocurrencies and technology stocks, with the Nasdaq Composite (NDAQ) up nearly 200 points premarket.
Countering the blowout bank earnings are rising oil prices as the U.S. continues to attack Iran, with Brent and West Texas Intermediate (WTI) crude each back above $80 U.S. a barrel.
An earnings warning from IBM (IBM) that sent the technology company’s stock down more than 20% is also countering the bullish bank earnings.
However, investors appear to be trying to look past the negative as corporate earnings season gets off to a strong start.
Bitcoin has been on an uptrend since the end of June, although it remains stuck trading in a range of $60,000 U.S. to $65,000 U.S.
