Bitcoin Futures Open Interest Hits $19 Billion, Harsh Intraday Swings, Analyst Says ‘Fresh Rally’ Expected – Market Updates Bitcoin News

The start of the week saw digital currency markets drop significantly in value, as billions of dollars were shaved off the entire crypto economy’s capitalization. A weekly report from Luno and Arcane Research shows February 23 captured the third-largest bitcoin daily trade volume in crypto history, as spot market volume saw $18 billion change hands. Moreover, crypto derivatives are surging as bitcoin futures open interest commandeered $19.1 billion on Tuesday.

Volatile Bitcoin Price Fluctuations Sees Intraday Swings Close to 20% for Two Days In a Row

After bitcoin (BTC) touched an all-time price high on Sunday, hitting $58,354 per unit, bitcoin’s value slipped below the $50k handle touching bottom at $44,846 per coin. The loss between these two price ranges saw over 23% shaved off BTC’s market valuation.

While heavy losses were seen across the board throughout the entire crypto-economy, a report from Luno and Arcane Research shows that Tuesday’s trade volume was the third-largest ever seen. The digital asset’s intraday moves had shown the crypto asset’s price fluctuations have been more erratic. In fact, Luno’s report shows intraday moves of close to 20% happened two days in a row.

Bitcoin Futures Open Interest Hits $19 Billion, Harsh Intraday Swings, Analyst Says 'Fresh Rally' Expected

“The beginning of the week has been more volatile than usual, with both Monday and Tuesday seeing intraday moves of 18%,” the study notes. “Bitcoin dropped from $57k to $46k yesterday before recovering to $54k. This volatility continued this morning, as BTC dropped from the opening around $54k and all the way down to $45k. This is not reflected in the daily volatility metrics yet, as they’re based on daily close prices,” the report adds.

Bitcoin Futures Open Interest Hits $19 Billion, Harsh Intraday Swings, Analyst Says 'Fresh Rally' Expected

Luno’s report says that traders should be “very careful with leveraged positions, both longs and shorts.” It also said that bitcoin derivatives have been “snowballing in the bitcoin market” and had “peaked at $19.1 billion this Sunday.” “Yesterday’s sell-off pulled out some…

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