Analysis: Bitcoin's bid-ask spread has not recovered to normal levels

According to AMBCrypto, Coinmetrics reports that significant fluctuations in the price of bitcoin will lead to an increase in bid-ask spreads. Earlier, bitcoin fell rapidly from US $ 9,500 to US $ 8,000 in September 2019, and the bid-ask spread soared sharply; shortly thereafter, the bid-ask spread dropped below 20 basis points, and the market stabilized. After a 47% drop in Bitcoin on March 12, the bid-ask spread soared again. But so far, its level of volatility has not recovered. According to the attached chart, the bid-ask spread on March 23 still exceeded 20 basis points. Note: The bid-ask spread reflects the difference between the price that the buyer is willing to pay and the price that the seller wishes to obtain. The normal bid-ask spread of Bitcoin should be less than 20 basis points.