Bitcoin traded lower on Tuesday, extending Monday’s losses and taking the No. 1 digital currency near a 15-month low.
In Tuesday trading, a single bitcoin
BTCUSD, -0.41%
was changing hands at $3,402.07, down 1.1% since Monday at 5 p.m. Eastern Time on the Kraken exchange. A move below $3,220 would mark the lowest level since Sept. 17, 2017 for the cryptocurrency.
According to data compiled by DailyFX, traders continue to reduce their exposure to the best-known cryptocurrency, while the number of those betting against bitcoin is on the rise.
“Retail trader data shows 70.1% of traders are net-long with the ratio of traders long to short at 2.35 to 1. The percentage of traders net-long is now its lowest since Nov. 28 when bitcoin traded near $4,200.66,” wrote Nancy Pakbaz, analysts at DailyFX.
“The number of traders net-long is 1.6% lower than yesterday and 2.7% lower from last week, while the number of traders net-short is 14.0% higher than yesterday and 21.4% higher from last week.”
Read: Cryptos or the S&P? A $1-million ‘Buffett Bet 2.0’ is brewing as Twitter feud erupts
CFTC seeks further information on Ether
The Commodity Futures Trading Commission said on Tuesday it is seeking public feedback on virtual currencies, namely Ether, the currency that runs on the ethereum network.
Ether rose in popularity in late 2017 as crypto ventures issued the cryptocurrency when conducting initial coin offerings, or ICOs, an alternative crowdfunding tool. However, after rising above $1,400, the price of Ether has plummeted below $100 amid speculation cash-strapped crypto ventures are having to sell their Ether holdings to raise cash.
“The RFI [Request For Information] also seeks to understand similarities and distinctions between Ether and bitcoin, as well as Ether-specific opportunities, challenges, and risks,” the CFTC said.
Read: Are cash-strapped ICOs behind Ether’s underperformance?
Altcoins fall further
Coins other than bitcoin, commonly known as altcoins, are moving lower on Tuesday. Ether,
ETHUSD, -0.67%
is down 1.4% at $87.88, Litecoin
LTCUSD, -1.40%
has lost 2.9% to $23.52, XRP,
XRPUSD, -0.58%
is unchanged at 29 cents, and Bitcoin Cash,
BCHUSD, -1.23%
is trading at $97.90, down 3.4%.
The marketwide selloff puts the value of all cryptocurrencies below $110 billion, according to data from CoinMarketCap.
After finishing higher on Monday, bitcoin futures surrendered some gains on Tuesday. The Cboe Global Markets December contract
XBTZ8, -1.04%
ended down 1.2% at $3,340, and the CME Group December contract
BTCZ8, -1.04%
was down 0.7% at $3,350.
Read: Opinion: Bitcoin is close to becoming worthless
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.
Source : MTV
