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.
As a result, the majority of the $126 million liquidated in the past 24 hours involved short traders.
Factors that Influenced Today’s Bitcoin Rebound
Positive Cash Inflows to US Spot BTC ETFs
As the fear of further crypto capitulation declined in the past 24 hours, the US spot Bitcoin ETFs registered the first net cash inflow in the last two weeks. Although BlackRock’s IBIT and Grayscale’s GBTC continued to bleed on Monday, the notable cash inflows led by Fidelity’s FBTC and Bitwise BITB resulted in positive cash flows.
US Crypto Hearings Amid Trump-Harris Debate
Bitcoin price rebounded in tandem with the entire altcoin industry as traders look up to two major events today that will have an impact in the future. Among them is the scheduled hearing by the US House of Representatives Financial Services Committee to closely look into the DeFi sector and establish formidable federal crypto rules.
Meanwhile, the first debate between presidential candidates Donald Trump and Kamala Harris will give the crypto community an insight into the political climate on the matter of digital assets.
Depreciating US Dollar and Bond Market
The US dollar index has been weakening in the recent past amid the anticipated interest rate cut on September 18. If the US Fed initiates the first interest rate cut since the Covid-19 pandemic, access to the so-called ‘easy money’ will eventually increase demand for Bitcoin.
According to serial entrepreneur Robert Kiyosaki, the rising global debt will continue to weigh heavily on the bond market and the entire banking industry.
Read Also: Top Reasons Why Ethereum Could Drop To $2,100 This Week!
