Bitcoin (BTC) has been boosted by bullish signals from traditional rate-sensitive assets like gold, with the cryptocurrency reaching its highest value since July 15 at $30,797 during Monday's Asian trading hours. While gold has seen a 6.7% gain in the past month, BTC has risen by 14%.

The recent outbreak of tensions between Israel and Hamas, combined with speculation about the end of the Fed tightening cycle, has led to an inflationary regime, which has benefited both gold and BTC. The potential approval of an exchange-traded fund that tracks the spot price of bitcoin has also contributed to the recent rally, with options market makers increasingly short gamma as BTC spot price moves up, according to Alex Thorn, Head of Firmwide Research.