Cryptocurrencies extended losses for the second straight day on Tuesday amid negative trends in global markets.

The world's most popular and largest cryptocurrency, Bitcoin, was trading 1.49 percent lower at $22,878.5. Bitcoin's market capitalisation was at $438.13 billion, while the trade volume was at $27.38 billion in the past 24 hours.

A WazirX analyst said, "The four-hourly trend for BTC continues to traverse within an ascending channel pattern. The next key resistance level for BTC is expected at $32,300. The daily relative strength index (RSI) has maintained a strong position above the level of 50."

Second-largest virtual currency, Ether, was 5.82 percent down at $1,587.73 with a market capitalisation of $193.61 billion. The trade volume of Ethereum was $18.19 billion in the last 24 hours.

Edul Patel, CEO and co-founder of Mudrex, said, "The bearish sentiment appears to have started after bulls were unsuccessful in holding BTC above the $23,000 level. However, the second largest cryptocurrency, Ethereum, managed to break its resistance at $1,700 but could not sustain it for long. It might suggest that ETH retest its previous support levels before reclaiming the $1,700 level."

Meme crypto Dogecoin was 4.33 percent down with a trading volume of $411.05 million in 24 hours. Shiba Inu was trading 5.19 percent lower at $0.000012 while Solana was 4.97 percent down at $40.5 billion.

Indian headline indices opened in red on Tuesday.

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