Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Binance has long been the world's largest cryptocurrency exchange by trading volumes. Still, on Monday, traders looking to buy and sell bitcoin quickly on Binance were at a relative disadvantage to their peers on Kraken and Coinbase , according to data tracked by Paris-based Kaiko.
The 0.1% ask depth refers to the number of outstanding purchase orders within 0.1% of the mid-price or average of the bid and ask prices. Ask price is the price at which the seller is ready to sell and bid is the value at which the buyer is ready to purchase. The 0.1% depth also dipped as low as 2 BTC on OKX and Bybit, with the average ask across major exchanges falling below 95 BTC.The chart shows Kraken and Coinbase outperformed Binance and other exchanges during the liquidity meltdown.
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