What happened
As the days grow shorter and we head into winter, could the crypto winter be thawing? Judging by the latest price moves for many cryptocurrencies, at least some investors have such a hope.
On Monday, optimism about this and an upcoming quarterly-earnings release boosted the share price of crypto-leaning bank Silvergate Capital (SI 11.11%). The stock rose by over 5% on the day, eclipsing even the frothy 2.7% gain of the S&P 500 index.
So what
Monday was a solid, if unspectacular, day for cryptocurrencies. Nearly all of the major ones were trading in positive territory, with Bitcoin up by almost 2% as of late afternoon action and post-Merge Ethereum approaching a 3% gain.
It's too soon to say, but it seems investors might be reacquiring their tolerance for risk. Over the past few months, assets seen as more speculative -- like tech stocks and, especially, cryptocurrencies -- have taken hits due to macroeconomic fears.
Specific to Silvergate, some might be piling into the stock in advance of the company's looming earnings report. This is scheduled to occur before market open on Tuesday, and if analyst estimates prove to be at least somewhat accurate, Silvergate should post some encouraging growth figures.
Now what
According to statistics compiled by Yahoo! Finance, those prognosticators are collectively estimating nearly 53% year-over-year growth in per-share net profit for the quarter to $1.34 despite the frosty conditions of the crypto market. They're also anticipating revenue will nearly double to more than $100 million. Even if the company doesn't quite hit those numbers, it'll likely show some improvement regardless.
