Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Bitcoin continues to gain ground, taking bullish cues from traditional rate-sensitive assets like gold.
Prices are up 14% for the month, with gold registering a much lesser 6.7% gain. Gold, however, picked up a bid a week before bitcoin, as the outbreak of tensions between Israel and Hamas, alongside continued speculation about the end of the Fed tightening cycle, signaled an inflationary regime ahead.
“BTC remains an even more interesting asset, given perfect-portability, inflation hedge, and government agnostic wealth preservation. Combine the optimism around the BTC ETF and the Ripple lawsuit, and altogether, this strikes me as a very bullish development for BTC as a whole,” Magadini noted. “Price action is behaving quite constructively as investors seek the life raft the Bitcoin network provides in times of economic and geopolitical uncertainty, and speculate on the future of BTC pending an approved spot ETF,” Blockware noted.
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