Bitcoin is trading lower on Tuesday, extending Monday’s losses and taking the No. 1 digital currency towards a fresh multimonth low.

In early Tuesday trading, a single bitcoin

BTCUSD, -1.90%

 was changing hands at $3,333.60, down 2.1% 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.”


Bitcoin positioning

Read: Cryptos or the S&P? A $1-million ‘Buffett Bet 2.0’ is brewing as Twitter feud erupts

Altcoin decline drags market value of all cryptos below $110 billion

Coins other than bitcoin, commonly known as altcoins, are moving lower on Tuesday. Ether,

ETHUSD, -2.96%

is down 3.3% at $86.15, Litecoin

LTCUSD, -4.42%

has lost 3.6% to $23.33, XRP,

XRPUSD, -0.63%

is off 0.3% at 29 cents, and Bitcoin Cash,

BCHUSD, -7.01%

is trading at $95.70, down 5.5%.

The marketwide selloff puts the value of all cryptocurrencies below $110 billion, according to data from CoinMarketCap.

After finishing higher on Monday, bitcoin futures have surrendered most of the gains Tuesday. The Cboe Global Markets December contract

XBTZ8, -1.78%

is trading at $3,315, down 1.9%, and the CME Group December contract

BTCZ8, -1.78%

 is at $3,310, down 1.9%.

Read: Opinion: Bitcoin is close to becoming worthless

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