Bitcoin, the leading cryptocurrency, continued the upward momentum it started last week and approached $ 31,000.
While BTC is currently above $30,000, analysts evaluated the reasons behind this rise in BTC.
At this point, analysts stated that Bitcoin is not indifferent to traditional assets that are sensitive to interest rates such as gold giving hints of rise, and BTC continues to gain ground in this environment.
Stating that while Bitcoin has increased by 14% since the beginning of October, gold has increased by around 7%, analysts note that gold started to rise a week before Bitcoin due to the outbreak of tensions between Israel and Hamas and ongoing speculation that the FED's tightening cycle is over. pulled.
Speaking to Coindesk at this point, Amberdata director Greg Magdini said the following about Bitcoin:
“Rates are the biggest mover in the macro right now, and surprisingly interest rate sensitive assets like Gold are also seeing bullish momentum. This bodes well for BTC.
Given the Fed's signal of a pause in interest rate hikes at a time when the US economy remains strong and optimism about the approval of spot Bitcoin ETFs, these situations support the rise in gold and BTC.
Additionally, given Bitcoin's portability and use as an inflation hedge and as a wealth preservation tool for governments, BTC remains an even more interesting asset.
“Combining the approval for BTC ETFs and the optimism around the Ripple lawsuit, this seems to me to be a very positive development for BTC as a whole.”
Apart from Greg Magdini, Blockware Solutions analysts also evaluated the rise in BTC.
Blockware analysts also attributed the rise to the potential spot Bitcoin ETF approval and said, “BTC's price movement is being quite constructive as investors embrace the lifesaver provided by the Bitcoin network in times of economic and geopolitical uncertainty.”
*This is not investment advice.
