Crypto Market Today: Bitcoin breaks the US$50,000 mark in impressive movement

In a move that captured the attention of investors and cryptocurrency market enthusiasts, Bitcoin surpassed the US$50,000 mark this Monday, reaching a level that had not been seen since 2021. This advance signals a moment of optimism on the market, marking a phase of robust recovery for the most valued cryptocurrency in the world.

Bitcoin price remained in a strong uptrend above the $49,000 resistance. BTC rose close to $50,350. It is currently correcting gains near $49,886.52 with a 3.4% increase in the last 24 hours.

Likewise, there have been strong upward movements in most major altcoins. ETH/USD has surpassed the key resistance at $2,600. The XRP/USD pair is facing obstacles near $0.540, above which it could rise further. Solana is priced at US$109.43 with just 0.6% growth. Cardano is showing strength trading at $0.56 with a 3% increase.

Bitcoin’s recent momentum comes amid a slowdown in outflows from Bitcoin ETFs, which have seen a significant increase in their net inflows. With regulatory approval in the United States last month, Bitcoin ETFs have been a hot topic in the market. CoinShares revealed that last week alone, ETFs recorded net inflows of $1.1 billion, totaling $2.8 billion since the funds launched.

Within this scenario, Fidelity’s Bitcoin ETF stood out by reaching US$3 billion in assets, soon followed by BlackRock, which reached a similar milestone at the beginning of the month. However, the outflows were predominantly noted in Grayscale’s Bitcoin ETF, which converted from the company’s Bitcoin fund. GBTC, specifically, recorded outflows of US$415 million last week, following an outflow of US$900 million in the previous week.

In addition to the movement in Bitcoin ETFs, the market is keeping an eye on the next halving, scheduled for April. This event will reduce the reward per block mined to 3.125 bitcoins, a significant decrease from the current 6.25 bitcoins. This mechanism, which occurs every four years, has a history of positively impacting the price of Bitcoin, generating high expectations among investors.

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