Bitcoin Soars Past $70K: Here’s What’s Fueling Today’s Crypto Rally (Sept 10)
Crypto markets erupt as Bitcoin smashes through resistance levels—traders pile in while traditional finance scrambles to catch up.
Institutional FOMO hits critical mass
BlackRock's record-breaking ETF inflows trigger domino effect across Wall Street. Pension funds and asset managers finally wake up to digital gold's potential—about five years late to the party, as usual.
Macro tides turn bullish
Weakening dollar and dovish Fed signals send risk assets soaring. Bitcoin's proving its worth as the ultimate hedge against monetary incompetence—again.
Altcoin season kicks into gear
Ethereum, Solana, and BNB lead the charge with double-digit gains. Retail traders finally seeing green after surviving the crypto winter—though Wall Street bankers still call it 'speculative nonsense' between their own covert purchases.
Technical breakout confirms momentum
BTC clears $70,000 with conviction—traders now eyeing previous all-time highs. The charts scream bullish while traditional analysts keep waiting for that 'imminent collapse' they've predicted since 2017.
Regulatory clouds part momentarily
Clearer framework signals from key jurisdictions reduce uncertainty. Politicians finally realizing they can't stop decentralized money—just like they couldn't stop the internet.
The momentum's building, the fundamentals are strengthening, and frankly—the traditional financial system looks increasingly archaic by comparison. Welcome to the future of finance.
Crypto market rallies after US inflation data
The main driver of the rally was a Bureau of Labor Statistics report showing that producer inflation eased in August.
The headline PPI fell from 0.7% in July to minus 0.1% in August. This decline translated to an annual figure of 2.8%, lower than the previous 3.4%. Separately, the headline PPI dropped from 3.1% to 2.6%, better than the median estimate of 3.3%.
These numbers arrived ahead of the closely watched consumer price index data. Economists polled by Reuters expect the upcoming report to show that the headline CPI rose from 2.7% to 2.9%, while Core inflation remained at 3.1%. Based on the PPI report, there is a possibility that the CPI figure will come in lower than expected.
The crypto market rose as investors predicted that the Federal Reserve would cut interest rates next week. While the estimate is a 0.25% cut, some analysts, especially those from ING Bank and Standard Chartered, believe that the bank will cut by 0.50%.
Further to the prior post, it’s a big beat on PPI inflation.
The sharp softening in these indicators—both in absolute terms and versus the consensus forecasts (see table below)—sets the stage for an even more interesting Fed meeting next week.#economy #inflation #federalreserve… pic.twitter.com/xJo3aS8MyZ
These Fed expectations help explain why the stock market also surged, with futures tied to the S&P 500 and Nasdaq 100 indices rising to a record high.
Bullish sentiment after Oracle earnings
The crypto market also jumped as sentiment improved following robust Oracle earnings and a monthly report from Taiwan Semiconductor. Oracle stock gained more than 32%, while other AI-focused companies like Nvidia, Microsoft, and Broadcom continued their momentum.
In its report, Oracle said its backlog ROSE 350% to more than $455 billion, a trend management expects will continue this year. TSMC, the largest chip manufacturer, advanced after saying that its August sales rose 34%, higher than expected.
While these companies are not directly related to the crypto industry, their strong performance drew investors to risk assets.
Meanwhile, CoinGlass data show that futures open interest jumped 2% in the past 24 hours to more than $214 billion. This increase coincided with a 16% drop in liquidations to $280 million.
Cryptocurrencies tend to perform well in periods of high open interest, as this indicates increased demand in the futures market.
