“The bullish signal in gold is a positive sign for bitcoin quotes,
“Interest rates are the biggest factor affecting the macro economy right now, but surprisingly, assets sensitive to them, such as gold, are showing bullish momentum. This is a good sign for bitcoin,” said Greg Magdini, director of derivatives at Amberdata.
Bitcoin’s price rose 14 per cent over the month, while gold rose 6.7 per cent. The sharp move in gold was influenced by the war in the Middle East, as well as signals of the end of the Fed’s policy tightening cycle.
According to Magadini, bitcoin remains a good asset in a period of high inflation. “The optimism around the spot bitcoin-ETF and the withdrawal of the lawsuit against Ripple is a positive development for the bitcoin exchange rate as a whole,” Magadini added.
The leading cryptocurrency by market value rose to $30,797 in Asian trading on Monday, hitting its highest level since 15 July.