Both Bitcoin (BITCOMP) and Ethereum have seen volatile end of summer trading as price levels fluctuate.

Bitcoin has seen significant volatility in the past week, briefly trading below $47,000. The cryptoasset began the week above $49,800 but saw its price sink to below $47,000 midweek. It then rallied quickly to reach $49,566 on Sunday. But at the time of writing the world’s largest cryptoasset is back down, trading just above $47,000. 

Ethereum has witnessed a similarly volatile trading period with the price starting last week around $3,350 before falling to below $3,100 on 26 August. ETh then rallied to reach $3,343 on Monday but has since fallen away to below $3,250. 

The intra-week volatility of both cryptoassets belies a longer-term trend of relatively stable prices. Bitcoin, having rallied from the beginning of August below $40,000 has been in a relatively stable range above $47,500 since 21 August. ETH meanwhile rallied earlier, and has had a relatively stable price in the $3,000 to $3,300 range since 7 August.

Cardano sees record fund inflows

Altcoin Cardano (ADA) has seen a week of record inflows to digital asset investment products according to CoinShares.

In the crypto asset manager’s latest weekly report, ADA saw inflows of $10.1 million - what it says was a record week for the cryptoasset. Inflows of altcoins more generally rose from $21 million to $24 million.

The asset manager also saw bitcoin outflows for the eighth consecutive week of around $3.8 million. It says 14 out of the last 16 weeks have recorded outflow of bitcoin holdings for digital asset management products. 

Digital asset managers now have some 32% of their portfolios in altcoins, the highest level since May this year when a record 35% was set mid-month. 

Jack Dorsey sheds more light on TBD

The chief executive of Twitter (TWTR) and founder of payments firm Square has expounded on the firm’s ‘TBD’ crypto project

Dorsey has revealed on Twitter that the TBD project is set to focus on becoming a decentralised exchange for bitcoin transactions.

Also commenting was general manager of the TBD project at Square, Mike Brock. Brock announced on Twitter: “We believe bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralised, our focus is solely on a sound global monetary system for all.”

Citing issues with major non-decentralised exchanges including regulatory differences between customers in different jurisdictions, Brock explained the TBD project would attempt to become a “decentralised exchange for fiat [currency].”

He added: “This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin.”

Dolce & Gabbana launch NFT collection

Fashion house Dolce & Gabbana (D&G) have launched an NFT fashion collection with UNXD - one of the first of its kind.

The collection, named the Collezione Genesi or Genesis Collection, will launch on luxury marketplace UNXD and be available for purchase at an exclusive auction on 6 September.

D&G previewed the collection at their Alta Moda couture show in Venice on Saturday with the likes of Doja Cat and Monica Bellucci present to witness the unveiling. 

Of the nine-piece NFT collection, five physical items will be wearable in the metaverse - two dresses, a men’s suit, and two crowns.

UNXD is a curated marketplace of luxury digital items and culture. It said it opted to use the Polygon blockchain network for its collaboration with D&G as it is ‘99%’ more energy-efficient - and therefore environmentally friendly - than bitcoin or ethereum.