Bitcoin (BTC) price has increased by more than 3 percent in the past 24 hours, reaching a daily high of around $57,896 before correcting to $56.6 thousand on Tuesday, September 10, during early Asian trading. If you are wondering why Bitcoin price is rising today, there are a few factors that contributed to this recovery, which also affected the altcoin market. As a result, the total cryptocurrency market Capital has regained the $2 trillion mark.
Meanwhile, the majority of the $126 million liquidated in the past 24 hours came from short-term traders.
Factors influencing Bitcoin's recovery today
Positive Inflows into US Spot Bitcoin ETFs
As fears of a crypto crash eased over the past 24 hours, U.S. spot Bitcoin ETFs saw their first net inflows in two weeks. While BlackRock’s IBIT and Grayscale’s GBTC continued to see outflows on Monday, significant inflows from Fidelity’s FBTC and Bitwise’s BITB generated positive inflows.
Cryptocurrency Hearings in the US Amid Trump-Harris Debate
Bitcoin prices rallied along with the entire altcoin industry as traders looked ahead to two key events today that will impact the future: a scheduled hearing by the U.S. House Financial Services Committee to XEM the DeFi sector and the establishment of strong federal cryptocurrency regulations.
Meanwhile, the first debate between presidential candidates Donald Trump and Kamala Harris will give the crypto community a look at the political climate regarding digital assets.
The Weakening of the US Dollar and the Bond Market
The bond market is collapsing. Do you realize the world economy is based on debt? A bond is debt, and the whole world is floating on it, and this collapse signals deeper economic troubles. While market crashes are visible, banking crashes are hidden and much more dangerous. It's…
— Robert Kiyosaki (@theRealKiyosaki) September 9, 2024
The US dollar index has weakened recently amid expectations of a rate cut on September 18. If the US Fed initiates its first rate cut since the Covid-19 pandemic, access to so-called 'easy money' will increase demand for Bitcoin.
Rising global debt will continue to weigh on the bond market and the entire banking industry, according to serial entrepreneur Robert Kiyosaki.
