Bitcoin - 6% down at $21,400 
Ethereum - 8% down at $1660
EOS - 18% up

Top moves in crypto this week

Adrian Hargrave

The Crypto Report: Bitcoin and Ethereum stay in recovery mode following market plunge

Avatrade chief market analyst Naeem Aslam said the price of Bitcoin has recently developed a strong link with the Federal Reserve's monetary policy, such that as the Fed tightens policy, the price of Bitcoin falls. This association between the Federal Reserve's monetary policy and the price of Bitcoin has become stronger in recent times, and it's a big reason why the Bitcoin price crashed from its all-time high.
 
Going forward, Aslam said traders may want to continue to watch this correlation closely as a number of Fed board members will deliver their views on monetary policy which is likely to influence the price of Bitcoin.

Is price linked to Monetary Policy

The Crypto Report: Bitcoin extends its slide on interest-rate concerns

The biggest crypto by market cap was trading just above $19,500 dollars Monday morning, while Ethereum declined over 4% to $1,422.

Other large coins including XRP, Cardano, Solana and meme coin Dogecoin also continued to come under pressure.

Analysts say the selloff in the equity markets is likely to put further pressure on crypto, with the next natural target for Bitcoin bears standing near $17,500.

Crypto prices, market caps and prediction

Bitcoin is currently changing hands at around US$21,200, while Ethereum is trading upwards of US$1,630 following a 4% rally in the past day.

Among the strongest daily risers was the US$400mln XDC Network, which added 11% following the integration of the Frontier cryptocurrency wallet.

Other mid-cap networks posting strong results this morning include Waves, Neo and IOTA.

As for the large-cap network tokens, Cardano, Solana and Polygon added around 2% while Polkadot added 3.5%, but the strongest performer was Avalanche with a nearly 5% rally.

In the decentralised finance (DeFi) space, stablecoin exchange Curve outperformed by adding close to 6% to its market cap, while Uniswap, Aave, MakerDAO and Synthetix trended in line with the wider market.

Crypto prices

The Crypto Report: Bitcoin and Ethereum show mid-week stabilisation while mid-cap blockchains move

Bitcoin content

Auxico Resources Canada Inc (CSE:AUAG, OTC:AUXIF) President Mark Billings takes Proactive's Stephen Gunnion through the critical metals and rare earth elements company's operations in Colombia, Brazil, and the Democratic Republic of Congo.

Billings noting that the company recently signed an offtake agreement with Cuex Metal AG, the Swiss subsidiary of the Chinese bulk commodity trading company Shangai Qunxian Industrial Company, for the purchase of commercial tin concentrates (cassiterite) from its Massangana Tin Tailings project in the state of Rondônia, in Brazil.

The agreement represents a purchase of 3,600 tonnes of tin concentrate per year, over a five-year period, for a total of 18,000 tonnes of commercial tin concentrates, Billings said.

Auxico signs lucrative offtake deal as it progresses its Massangana Tin Tailings project in Brazil

Nick Britton from the Association of Investment Companies chatted to Proactive London about mooted ideas to beat inflation and the wide discounts to net asset values currently available.

With discount current at around 10%, wider than they've been for quite a while, Britton notes that "generally speaking when you've bought investment trusts at a double-digit discount in the past you've proceeded to do very well".

He also unpacks hot topics including possible investments in renewables, a new addition to the FTSE 100 and the importance of portfolio diversification.

AIC's Nick Britton flags wide investment trusts discounts and inflation-beating strategies

Russ Mould, AJ Bell's investment research director joins Proactive London's Katie Pilbeam to talk about the battle ahead for whoever wins the keys to number 10 in less than two weeks time. 

For investors wondering what impact each candidate will have on a portfolio, he says its whether they will look at specific industries, where they will have to tax or regulate more or less or will they come up with 'positive' policies for the British economy that have 'unintended consequences'. 

The UK is now on a path to exceed 18% inflation next year, the highest rate among larger western economies, according to a report from Citigroup because of surging wholesale gas prices. Mould says this will look like the 1970s - which was an 'extremely difficult time' except for gold.

AJ Bell's Russ Mould says 18% inflation in 1970s was 'extremely difficult' time except for gold

The crypto markets show signs of stabilising after a bearish start to the week, adding 2.2% to bring total market capitalisation up to US$1.03tn.

Bitcoin is currently changing hands at around US$21,200, while Ethereum is trading upwards of US$1,630 following a 4% rally in the past day.

Among the strongest daily risers was the US$400mln XDC Network, which added 11% following the integration of the Frontier cryptocurrency wallet.

Other mid-cap networks posting strong results this morning include Waves, Neo and IOTA.

As for the large-cap network tokens, Cardano, Solana and Polygon added around 2% whlie Polkadot added 3.5%, but the strongest performer was Avalanche with a nearly 5% rally.

In the decentralised finance (DeFi) space, stablecoin exchange Curve outperformed by adding close to 6% to its market cap, while Uniswap, Aave, MakerDAO and Synthetix trended in line with the wider market.

Total volumes locked across all DeFi protocols is currently US$61.7bn.

Bitcoin extended its decline below the $20,000 support level in early Monday trading after US Federal Reserve chair Jerome Powell told delegates at the Jackson Hole conference on Friday that interest rates would continue to rise to try and tame inflation.

The biggest crypto by market cap was trading just above $19,500 dollars Monday morning, while Ethereum declined over 4% to $1,422.

Other large coins including XRP, Cardano, Solana and meme coin Dogecoin also continued to come under pressure.

Analysts say the selloff in the equity markets is likely to put further pressure on crypto, with the next natural target for Bitcoin bears standing near $17,500.

Avatrade chief market analyst Naeem Aslam said the price of Bitcoin has recently developed a strong link with the Federal Reserve's monetary policy, such that as the Fed tightens policy, the price of Bitcoin falls. This association between the Federal Reserve's monetary policy and the price of Bitcoin has become stronger in recent times, and it's a big reason why the Bitcoin price crashed from its all-time high.
 
Going forward, Aslam said traders may want to continue to watch this correlation closely as a number of Fed board members will deliver their views on monetary policy which is likely to influence the price of Bitcoin.

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