Cryptocurrencies extend losses for 2nd straight session; Bitcoin falls 4%, Ether down over 6%

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Cryptocurrencies extended losses on Tuesday for second session straight amid mixed trends in global markets.

World’s most popular and largest cryptocurrency Bitcoin was trading 4.2 percent lower at $21,032 at 8:45 am. Bitcoin’s market capitalisation was at $402.7 billion, while the trade volume was at $35.8 billion in the past 24 hours.

Edul Patel, CEO and co-founder of Mudrex, said, “If BTC falls below the current level, we might BTC fall to the $19,000 level. But, if buying interest rises, we may see BTC trading at the $23,000 level soon.”

A WazirX analyst said, “The 4-hourly trend for BTC has formed an ascending channel pattern making higher lows. The next key resistance level for BTC is expected at $32,300 and an immediate support is expected at $19,000.”

Second-largest virtual currency Ether was 6.6 percent down at $1,420.3 with market capitalisation of $172.7 billion. Trade volume of Ethereum was $20.1 billion in the last 24 hours.

On Ethereum trading level, Patel said, “If buyers lose control over this level , we might see ETH at the $1,300 level in the next few days.”

Meme crypto Dogecoin was 4.7 percent down with a trade volume of $410.6 million in 24 hours. Shiba Inu was trading 7.5 percent lower at $0.00001036 while Solana was 7.24 percent down at $35.9 billion.

Indian headline indices opened flat on Tuesday tracing largely positive trends across other Asian equities.