Long the bankers, short bitcoin
In the pair trade of the week, the KBW Bank index is up more than 5% this week (to bitcoin’s ~5% pullback on the week), off the back of strong Q3 U.S. bank earnings that no one saw coming.
Over the weekend, the WSJ published a warning in its Heard on the Street column that banks were “poised to underwhelm this earnings season,” due largely to falling interest rates and the presence of “so many unknowns on the table after a rocky quarter.”
The large US banks reported their Q3 earnings this week, and outside of a few $100 million write offs of the We and UBER, they have been surprisingly positive.
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Zero to Open Finance in 20 seconds | Long the bankers, short bitcoin written by Ryan Todd @ https://www.theblockcrypto.com/genesis/43683/zero-to-open-finance-in-20-seconds-long-the-bankers-short-bitcoin?utm_source=rss&utm_medium=rss&utm_campaign=default October 18, 2019 Ryan Todd