Zilliqa, Tezos, XDC Network, BCH prices steady as BTC slumber continues

July 24, 2023 01:00 PM AEST | By Invezz

Zilliqa, Tezos, XDC Network, BCH prices steady as BTC slumber continues — Image source: Invezz

XDC Network, BCH, Theta rise

Some altcoins rose on Monday morning. XDC Network’s token rose by 6%, continuing the bullish trend that started last week. Similarly, Bitcoin Cash, Theta Network, Tezos, Casper, and Zilliqa rose by ~1% in a low-volume environment.

Some of the biggest winners last week were in the red on Monday. Synthetix price dropped by over 6% as the enthusiasm about the Infinex launch and its partnership with Chainlink faded. Compound, Maker, Sui, and Injective tokens retreated by over 5%.

There will be three important catalysts for Bitcoin and other cryptocurrencies this week. First, as we wrote here, the Federal Reserve will publish its decision on Wednesday. In it, analysts expect that the bank will decide to hike rates by 0.25% and push them to the highest level in more than two decades.

At the same time, the bank will likely signal that it will take a long pause since inflation is falling while the economy is slowing. The most recent data showed that the country’s consumer price index (CPI) dropped to 3.0% in June.

The Fed is an important entity whose actions affect all assets, including digital assets. As such, there is a likelihood that Bitcoin price will jump if the Fed turns from being hawkish to a bit dovish.

Corporate earnings and options expiry

Second, cryptocurrency prices will react to the ongoing earnings season. Over 150 companies, including well-known firms like Google and Microsoft will publish their quarterly results. If these results and their guidance are strong, it means that indices like Nasdaq 100 and S&P 500 will jump. Historically, cryptocurrencies have had some correlations with these assets.

Finally, there is an important options expiry coming on Friday. Options give investors a right but no obligation to buy or sell an asset at a certain price and time. Data compiled by CoinGlass shows that there are now over 218,076 Bitcoin calls compared to 101,849 puts. Most of this open interest is in Deibit, CME, OKX, and Binance.

The strike price is between $31,000 and $32,000, meaning that Bitcoin could rise gradually aheaad of the expiry. Ethereum has over 2.19 million calls and 758k puts. In most periods, cryptocurrency prices tend to see some volatility ahead of the options expiry.

The post Zilliqa, Tezos, XDC Network, BCH prices steady as BTC slumber continues appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.