Meanwhile, bitcoin was down by 3% on Tuesday, and is on track for an 18% decline over the past 30 days.
Selling pressure has been dominant so far this year as investors reduced their exposure to both stocks and cryptos.
Most analysts agree that bitcoin is set for a volatile price move, but the direction remains uncertain.
In the bitcoin futures market, the average daily basis, or the difference between the spot price and futures price, reached a one-year low.
“The basis has only reached similar lows on two prior occasions in the last year: in July, prior to the summer short squeeze, and in February.
Also, there are signs that futures traders are becoming more active.
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