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

Cryptocurrency prices remained in a consolidation mode during the weekend as volume dropped. Bitcoin was oscillating at the important level of $30,000 while Ethereum held strong at $1,800. As a result, the fear and greed index has remained steady at 50 while the total market cap has dropped to ~$1.19 trillion. 

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.

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