Order book continues to dwindle as bank contagion enhances illiquid market
Quick Take
- Order book depth continues to make new lows for Bitcoin; these are now 10-month lows, according to Kaiko.
- A major ramification of an illiquid market can push direction in either way.
- The banking crisis and closure of USD payment rails, crypto banks such as Silvergate and Signature Bank, could be a net benefit in the long run, as it could encourage more people to take self-custody of their Bitcoin when directly buying from an exchange.
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Author: James Van Straten
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