Bitcoin Price Surges Over 3%: ETF Cash Inflows and Major Events Drive Market SentimentBitcoin (BTC) price jumped over 3% in the past 24 hours, reaching a daily high of approximately $57,896 before retreating to $56.6K during the early Asian trading hours on Tuesday, September 10th
Bitcoin Price Surges Over 3%: ETF Cash Inflows and Major Events Drive Market Sentiment
Bitcoin (BTC) price jumped over 3% in the past 24 hours, reaching a daily high of approximately $57,896 before retreating to $56.6K during the early Asian trading hours on Tuesday, September 10th. Multiple factors contributed to this rally, also buoying the altcoin market. Consequently, the total cryptocurrency market capitalization has returned to the $2 trillion mark. The majority of the $126 million liquidated in the past 24 hours were short traders.
Factors impacting Bitcoins rally today include:
- Positive Cash Flows into US Spot Bitcoin ETFs: As concerns over further crypto capitulation in the past 24 hours eased, US spot bitcoin ETFs saw net cash inflows for the first time in the last two weeks. While BlackRock's IBIT and Grayscale's GBTC continued to bleed on Monday, significant cash flows led by Fidelitys FBTC and Bitwise BITB drove positive flows.
- Bitcoin Price Rebound in Tandem with the Entire Altcoin Industry: Traders are looking forward to two impactful events happening today. The US House Financial Services Committee is scheduled to hold a hearing focusing on the DeFi space and formulating robust federal crypto regulations. Meanwhile, the first debate between presidential candidates Donald Trump and Kamala Harris will offer the crypto community insights into the political climate surrounding digital assets.
- Weakening US Dollar: The US dollar has been depreciating in value recently, in anticipation of an interest rate cut on September 18th. If the Federal Reserve starts its first rate cut since the pandemic, demand for Bitcoin is ultimately expected to increase as people seek refuge in what is considered "loose money."
Serial entrepreneur Robert Kiyosaki believes that increasing global debt will continue to put significant pressure on the bond market and the entire banking industry.
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