Bitcoin price today jumped over 3% in the last 24 hours, reaching $57,896 before settling around $56,600 early on Tuesday, September 10. The bullish Bitcoin price today also helped boost the altcoin market, with the total crypto market value going back up to $2 trillion. Most of the $126 million in liquidations over the past day came from traders who bet against Bitcoin.
Related: Strong Bitcoin ETF Inflows Pushes Bitcoin To $61,000
Reasons For The Rise Of Bitcoin Price Today
More Money Flowing into US Bitcoin ETFs
In the past 24 hours, worries about a large crypto sell-off have eased, leading to more cash flowing into US Bitcoin ETFs. While BlackRock’s IBIT and Grayscale’s GBTC saw some losses on Monday, other funds like Fidelity’s FBTC and Bitwise’s BITB saw more money coming in, which helped push Bitcoin price today up.
US Crypto Meetings and Political Debate
Traders are paying attention to two events today that could have an effect in the next few days. One is a US House Financial Services Committee meeting, which is focused on the DeFi sector and plans for new crypto rules. The other is the first debate between Donald Trump and Kamala Harris, which may offer some clues about the government’s stance on cryptocurrencies.
Weak US Dollar and Pressure on Bond Market
The US dollar has weakened recently, mostly because people expect the Federal Reserve to lower interest rates on September 18. If this happens, cheaper money could lead to higher demand for Bitcoin. Businessman Robert Kiyosaki also pointed out that rising global debt could keep adding stress to the bond market and banks, making Bitcoin more attractive as a different option for investors.
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