According to a report by CoinDesk, a report by B2C2, an over-the-counter market trader, shows that as the cryptocurrency market crashed in March, the bid-ask spread of major exchanges widened significantly. The extreme depletion of liquidity began on March 12, when prices of the entire crypto and traditional asset markets fell sharply. The next day, Bitcoin fell below $ 4,000, a 12-month low. The bid-ask spread is measured in basis points or one percent percent, usually in single digits. However, according to data from the B2C2 website, during the turbulent March 12-13, on three exchanges, the order spread for buying and selling 25 bitcoins expanded from 200 basis points to more than 700 basis points. Since March, traders have discovered more arbitrage opportunities, and the spreads on exchanges such as Bitfinex have continued to widen. Note: The bid-ask spread is an indicator of market liquidity, measuring the gap between the highest price buyers are willing to pay and the lowest price sellers are willing to accept. The higher the price difference, the harder the deal will be.