Crypto markets face headwinds

Bitcoin retreated 3% to $27,122 in Monday’s session, with more declines in the morning taking the BTC/USDT pair to $27,000.

There are concerns that the increased scrutiny of fiat ramps (such as Binance, Kraken, or Coinbase) could cause a reduction in the liquidity of the market.

BTC has dropped into the weekly red zone, as expected, due to its considerable losses over the prior weeks.

According to figures from Coinglass, the long liquidation of Bitcoin has advanced, with about 41 million USD liquidated.

Notably, Bitcoin has displayed remarkable stability in the face of macroeconomic pressures in 2020, from fluctuations in the traditional finance industry to ongoing increases in interest rates.  However, investors should brace for market volatility.

Ethereum, Ripple, Litecoin, and Cardano experience mixed weekly performance

Ethereum hit a daily low of $1,690 on Monday before retreating 3.32% to $1,715 to close the session. Today’s price change was relatively bullish, adding 0.82% to $1,730.

Payment token Ripple continues to advance, adding another 6.2% overnight to take its big weekly gain to 30%.

Investors remain massively reliant on Ripple Labs’ success in their long legal battle with the SEC over the alleged unregistered security offerings.

Litecoin, like the token for payment, remains 11.2% higher on the week, while Cardano also managed to lead the market with a 4.9% high.

Global cryptocurrency market capitalization fell 2.2% overnight to $1.14 billion, while the total value locked in the decentralized finance space also retreated 2% to $48.3 billion.