Similar to Bitcoin and other major cryptocurrencies, Litecoin is extending its correction on Tuesday, and is now trading below $51. The coin is down 4% in the last 24 hours, with the bearish price action supported by derivatives data. Litecoin's Open Interest (OI) has been falling steadily alongside rising short bets, suggesting waning retail participation. The technical indicators are also extremely bearish, adding further confluence to the current market conditions. LTC's derivatives data shows bearish bias The cryptocurrency market has been bearish since the start of the week, with Bitcoin dropping below the $63k level earlier today. The dip caused nearly $400 million worth of leveraged positions to be wiped out from the market, most of them long positions.