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.
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.
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.
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.
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