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.
Market Depth: (Source: Kaiko)
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