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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Sep 10, 2024 05:28 UTC
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Top Reasons Why Bitcoin (BTC) Price is Up Today
Bitcoin's price surged over 3% due to several factors like positive cash flows into US spot ETFs.
The majority of the $126 million liquidated in the past 24 hours involved short traders, indicating a shift in market sentiment.
Key factors included increased institutional interest in Bitcoin, positive political developments, and easing of monetary policy.
Bitcoin (BTC) price rallied over 3 percent in the past 24 hours, reaching a daily high of about $57,896 before retracting towards $56.6k on Tuesday, September 10, during the early Asian session. If you’re wondering why Bitcoin price is up today, several factors contributed to the rebound, which also reverberated through the altcoin market. As a result, the total crypto market cap regained $2 trillion.
More than $126 million in short positions were liquidated over the past day, reflecting a major shift in market sentiment.
Top Factors Driving Bitcoin’s Price Today
Positive Inflows Into US Spot Bitcoin ETFs
Investor confidence returned as US spot Bitcoin ETFs recorded their first net inflows in two weeks. While BlackRock’s IBIT and Grayscale’s GBTC continued to see outflows, significant contributions from Fidelity’s FBTC and Bitwise’s BITB helped push the overall ETF market into positive territory.
US Crypto Hearings and the Trump-Harris Debate
Bitcoin’s price also benefited from anticipation around two key events. First, the US House Financial Services Committee is holding a hearing today to discuss DeFi regulations, which could set important rules for the crypto industry moving forward.
Second, the first debate between presidential candidates Donald Trump and Kamala Harris will give the crypto community a glimpse into each candidate’s stance on digital assets, influencing future market sentiment.
Weaker US Dollar and Bond Market Pressures
The US dollar has been losing strength as markets expect a possible interest rate cut from the Federal Reserve on September 18. If the Fed moves forward with its first rate cut since the pandemic, easier access to capital could boost demand for Bitcoin.
Entrepreneur Robert Kiyosaki also pointed out that rising global debt is putting pressure on the bond market and banks, which could further push investors toward Bitcoin as a safer asset.
Read Also: Top Reasons Why Ethereum Could Drop To $2,100 This Week!
Is this the start of a new bull run for Bitcoin? Only time will tell.
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