UNCHAINED: Bitcoin's Price Dropped After Iran's Attack on Israel. Is ‘Uptober’ Canceled?

Oct 4, 2024

André Dragosch, European Head of Research at Bitwise, dives into Bitcoin's market responses amidst rising geopolitical tensions. He discusses how historical events, like Iran's missile attack on Israel, affect Bitcoin's price and the potential buying opportunities that arise. André also examines Bitcoin's evolving role as a safe haven asset compared to gold, the impact of ETFs on market stability, and predicts Bitcoin's performance in light of upcoming U.S. elections. It's a thought-provoking look at crypto in turbulent times!

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Episode notes

Intro

00:00 • 2min

Geopolitical Tensions and Bitcoin: Market Reactions to Conflict

01:42 • 5min

Bitcoin and Geopolitical Dynamics

06:16 • 6min

Bitcoin's Evolving Nature: From Risky Asset to Potential Safe Haven

12:28 • 4min

Bitcoin vs Gold: Portfolio Dynamics

16:40 • 12min

Cryptocurrency Industry News: SEC Battles, XRP ETF, and North Korean Infiltration

29:09 • 4min

Crypto Developments and Regulatory Shifts

32:44 • 8min

With geopolitical tensions rising in the Middle East, how does Bitcoin react to global risk events? And is ‘Uptober’ still on the table?

October started with hopes for “Uptober”—a positive price trajectory in October—in the Bitcoin community, since, historically, Bitcoin has performed well this month. But things took a turn when geopolitical tensions in the Middle East escalated, raising concerns about how that could affect Bitcoin’s price this month.

In this episode, André Dragosch, European Head of Research at Bitwise, talks about how Bitcoin typically responds to geopolitical shocks, whether this could present a buying opportunity, and how major events like the U.S. elections might shape Bitcoin’s future.

Show highlights:

How Bitcoin’s reacted to the geopolitical escalations
Why André believes this is a buying opportunity
How there was a macro capitulation after the beginning of the unwind of the Japan carry trade in August
Whether Bitcoin can truly act as a safe haven asset
How the clientele of ETFs have changed the market structure for Bitcoin
Whether ‘Uptober’ is canceled
How Andre expects Bitcoin will perform depending on the winner of the U.S. elections

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Guest

André Dragosch, European Head of Research at Bitwise
Bitcoin as a Safe-Haven: Hedging Against Geopolitical Risks

Links

Previous coverage of Unchained on the recent market movements::
Investors Ditch Bitcoin, Scoop Up Gold, as Iran-Israel Tensions Escalate
$500 Million Liquidated From Crypto Markets Cools ‘Uptober’ Enthusiasm
Unchained:
Bitwise CIO Matt Hougan’s thread on how bitcoin & gold have performed
BlackRock’s bitcoin report

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