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Cryptos today: Bitcoin hits $33k and hits a low in 3 months; Ethereum drops 4% and UST loses parity

Bitcoin (BTC) continues to fall this Monday (9), heading for its fifth day of losses and at risk of hitting its worst level of 2022 as the market’s bad mood continues.

Yesterday the world’s largest cryptocurrency hit its lowest since January 24, reaching $33,710 and now, if it hits $32,951, it will renew its lowest value since July last year.

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This morning, Bitcoin trades losses of around 3% in the 24-hour period, quoted slightly below $33,500, also pulling altcoins such as Ethereum (ETH), which is down 4% to $2,450.

The reasons for the drop remain linked to fears that the monetary tightening policy of the US and other central banks in the world will affect the performance of riskier assets. If, on the one hand, interest rate increases make American treasuries more attractive, it also reduces economic growth and affects the stock market, which already tends to suffer from the lower availability of liquidity injected by the Federal Reserve to face the Covid crisis.

On Friday, the so-called US Payroll showed that job growth remained robust over the past month, at a level that should continue to worry the Fed about a very tight labor market. As more employers compete for workers, wages could start to rise, adding to inflationary pressures and forcing the Fed to tighten monetary conditions more quickly.

“BTC continued to be pressured by macro pressures and general market sentiment,” Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital, told CoinDesk. “FOMC resulted in volatility, but the bullish move was short-lived.”

DiPasquale expects Bitcoin to drop further, “especially as monetary policy continues to tighten,” but does not see the cryptocurrency falling below the $25,000-$30,000 range, even if the drop reaches extreme proportions. On the other hand, he does not rule out “a short-term jump” as the May options expiration of approximately $1.3 billion on the Bitcoin futures exchange Deribit approaches.

Check out the performance of the main cryptocurrencies at 7:10 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 33,518.58 -3.03%
Ethereum (ETH) US$ 2,447.14 -4.02%
Binance Coin (BNB) US$ 341.99 -3.61%
XRP (XRP) US$ 0.5459 -4.42%
Solana (SOL) $74.16 -5.10%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Near Protocol (NEAR) $11.16 +8.61%
Waves (WAVES) US$ 13.60 +5.44%
Tron (TRX) US$ 0.08536 +4.16%
Monero (XMR) US$ 209.12 +3.42%
Icon (ICX) US$ 0.6127 +3.13%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Shiba Inu (SHIB) US$ 0.00001731 -8.31%
Kava (KAVA) $3.23 -8.05%
Cardano (ADA) US$ 0.6869 -7.50%
AAVE (AAVE) US$ 121.37 -7.37%
Maker (MKR) US$ 1,164.20 -7.19%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 33.40 +0.30%
Hashdex BTCN (BITH11) BRL 43.54 +0.55%
Hashdex Ethereum (ETHE11) BRL 40.90 +1.11%
Hashdex DeFi (DEFI11) BRL 33.71 -5.86%
Hashdex Smart Contract Platform FI (WEB311) BRL 36.52 +8.27%
QR Bitcoin (QBTC11) BRL 11.43 -1.46%
QR Ether (QETH11) BRL 9.94 -0.50%
QR DeFi (QDFI11) BRL 6.01 +1.00%

See the main crypto market news for this Monday (9):

Stablecoin UST briefly loses parity with the dollar

Stablecoin TerraUSD (UST) briefly lost its peg to the dollar on Saturday, dropping to $0.987 before rebounding on Sunday. The Terra token (LUNA), on the other hand, dropped 10%.

As the largest algorithmic stablecoin, UST has emerged as an important – albeit controversial – backbone of the crypto economy.

The loss of parity this weekend was not the first (nor the biggest) in Earth’s history, but it does mark the first time the algorithmic stablecoin has suffered such a predicament since it started building up Bitcoin and Avalanche reserves.

The case did not cause Terra to mine its Bitcoin reserves on Saturday, as deploying hundreds of millions of dollars in ransom capital seemed enough to propel the token back to around $1.

Instagram will support NFTs from Ethereum, Polygon, Solana and Flow

NFTs from some of the most popular blockchain networks for cryptographic art are coming to Instagram with the announcement of a pilot set to take place this Monday.

Meta-owned social media is planning non-fungible token (NFT) integrations for Ethereum, Polygon, Solana and Flow, according to information from CoinDesk. These networks host the vast majority of digital collectibles trading, with Ethereum and its Bored Apes leading the way with the highest market cap.

The pilot will feature a small group of US-based NFT aficionados. It was not immediately clear whether Instagram would support NFTs from all four networks at launch.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

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