{"id":307014,"date":"2023-03-09T11:07:08","date_gmt":"2023-03-09T11:07:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=307014"},"modified":"2023-03-09T11:08:10","modified_gmt":"2023-03-09T11:08:10","slug":"silvergate-troubles-affecting-cryptos-usd-market-depth","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/silvergate-troubles-affecting-cryptos-usd-market-depth\/","title":{"rendered":"Silvergate troubles affecting crypto&#8217;s USD market depth"},"content":{"rendered":"<p>Crypto's US Dollar market depth has significantly dropped over the past month following Silvergate's struggles, according to Kaiko data.<\/p>\n<h2>US exchanges are becoming less liquid.<\/h2>\n<p>Kaiko said U.S.-based exchanges and market makers are becoming less liquid as they seem most affected by Silvergate's implosion.<\/p>\n<p>According to Kaiko <a href=\"https:\/\/twitter.com\/KaikoData\/status\/1633542037222875153?s=20\">data<\/a>, Bitcoin and Ethereum's market depth improved across international exchanges like Binance, OKX, and ByBit in the last 30 days. However, they worsened on US-based exchanges like Coinbase and Kraken during the same period.<\/p>\n<figure id=\"attachment_307072\" aria-describedby=\"caption-attachment-307072\" style=\"width: 1320px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-307072 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FquBYxwWYAkehCW.jpg\" alt=\"BTC ETH Liquidity\" width=\"1320\" height=\"720\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FquBYxwWYAkehCW.jpg 1320w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FquBYxwWYAkehCW-300x164.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FquBYxwWYAkehCW-1024x559.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FquBYxwWYAkehCW-768x419.jpg 768w\" sizes=\"(max-width: 1320px) 100vw, 1320px\" \/><figcaption id=\"caption-attachment-307072\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>The crypto market's liquidity measures how the market can absorb large buy and sell orders without significantly affecting prices.<\/p>\n<p>The on-chain data aggregator noted that the USD's liquidity level was close to that of Binance USD (<a href=\"https:\/\/cryptoslate.com\/coins\/binance-usd\/\">BUSD<\/a>) stablecoin. However, BUSD's liquidity for its top pairs had dropped by as much as 40% when New York's financial regulator <a href=\"https:\/\/cryptoslate.com\/the-sec-may-potentially-sue-paxos-over-binanceusd-wsj\/\">ordered<\/a> the asset's issuer Paxos to stop further mints.<\/p>\n<p>While BUSD's liquidity level has begun to improve slightly, Kaiko said the Silvergate news was &#8220;weighing on USD pairs,&#8221; bringing it closer to the level of the embattled stablecoin.<\/p>\n<p>Meanwhile, the liquidity drop across US exchanges appears to have contributed to <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">BTC's<\/a> slight negative market depth over the period.<\/p>\n<h2>Silvergate role in crypto's USD liquidity<\/h2>\n<p>The significant USD liquidity decline shows Silvergate's role in connecting the traditional financial system and the crypto industry.<\/p>\n<p>At its peak, the bank's Silvergate Exchange Network (SEN) reportedly processed over $219 billion in transfers and generated $9.3 million in revenue during the fourth quarter of the 2021 market rally.<\/p>\n<p>Major crypto firms, including Coinbase, Gemini, Paxos, and Circle, used the services. Unfortunately, these institutions were <a href=\"https:\/\/cryptoslate.com\/insights\/signature-bank-plummets-in-share-price-pre-market-after-news-of-silvergate-halting-operations\/\">forced to drop the bank<\/a> due to concerns about its ability to continue operating.<\/p>\n<h2><span style=\"font-size: 22px; font-weight: bold; color: #333333;\">Altcoins affected<\/span><\/h2>\n<p>Meanwhile, the worsening liquidity appears to affect altcoins across several exchanges.<\/p>\n<figure id=\"attachment_307071\" aria-describedby=\"caption-attachment-307071\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-307071 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt-1qUXgAAMzku.jpg\" alt=\"token liquidity\" width=\"900\" height=\"491\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt-1qUXgAAMzku.jpg 900w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt-1qUXgAAMzku-300x164.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt-1qUXgAAMzku-768x419.jpg 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-307071\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>Kaiko's data showed that several exchanges had <a href=\"https:\/\/twitter.com\/KaikoData\/status\/1633541570950488096?s=20\"><span class=\"s4\">lost more<\/span><\/a> than 15% of their market depth for altcoins, like Cardano's <a href=\"https:\/\/cryptoslate.com\/coins\/cardano\/\">ADA<\/a>, Polygon's <a href=\"https:\/\/cryptoslate.com\/coins\/polygon\/\">MATIC<\/a>, Dogecoin's <a href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/\">DOGE<\/a>, Solana's <a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">SOL<\/a>, and Polkadot's <a href=\"https:\/\/cryptoslate.com\/coins\/polkadot\/\">DOT<\/a> during the last 30 days.<\/p>\n<p>According to the data, the least affected exchange was Coinbase, whose depth for these crypto-assets dropped 14%, while others like Bybit and Kraken lost 17% each. Binance and its US subsidiary shed 20%, respectively, while Huobi is down 35%.<\/p>\n<figure id=\"attachment_307073\" aria-describedby=\"caption-attachment-307073\" style=\"width: 1320px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-307073 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt_uddWYBABsAM.jpg\" alt=\"altcoin liquidity\" width=\"1320\" height=\"720\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt_uddWYBABsAM.jpg 1320w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt_uddWYBABsAM-300x164.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt_uddWYBABsAM-1024x559.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fqt_uddWYBABsAM-768x419.jpg 768w\" sizes=\"(max-width: 1320px) 100vw, 1320px\" \/><figcaption id=\"caption-attachment-307073\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<h2>Euro's volume rises against USD.<\/h2>\n<p>While USD's liquidity has been dropping against the crypto market, the European Union's Euro has been gaining ground against Bitcoin, according to Kaiko data.<\/p>\n<p>Kaiko <a href=\"https:\/\/twitter.com\/KaikoData\/status\/1633150155997298688?s=20\">pointed out<\/a> that the Euro's volume relative to USD has nearly doubled since <a href=\"https:\/\/cryptoslate.com\/ftx-finds-only-1-btc-out-of-1591-customer-owned-at-time-of-collapse\/\">FTX's collapse<\/a> in November 2022. According to the firm, Euro's volume rose to 16% from 9% for BTC markets.<\/p>\n<figure id=\"attachment_307074\" aria-describedby=\"caption-attachment-307074\" style=\"width: 1310px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-307074 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FqocruyXoAEx4-V.jpg\" alt=\"USD EUR share volume\" width=\"1310\" height=\"694\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FqocruyXoAEx4-V.jpg 1310w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FqocruyXoAEx4-V-300x159.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FqocruyXoAEx4-V-1024x542.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/FqocruyXoAEx4-V-768x407.jpg 768w\" sizes=\"(max-width: 1310px) 100vw, 1310px\" \/><figcaption id=\"caption-attachment-307074\" class=\"wp-caption-text\">Source: Kaiko<\/figcaption><\/figure>\n<p>The increased Euro volume has coincided with the rise of <a href=\"https:\/\/cryptoslate.com\/coinbase-lists-circles-euro-stablecoin-euroc\/\">Euro-backed stablecoins<\/a>. As a result, the top two stablecoin issuers, Tether and Circle, have <a href=\"https:\/\/cryptoslate.com\/machine-money-gains-traction-among-eu-regulators-stablecoins-under-consideration\/\">introduced<\/a> stablecoins backed by the Euro to gain market share.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto&#8217;s US Dollar market depth has significantly dropped over the past month following Silvergate&#8217;s struggles, according to Kaiko data. US exchanges are becoming less liquid. Kaiko said U.S.-based exchanges and market makers are becoming less liquid as they seem most affected by Silvergate&#8217;s implosion. According to Kaiko data, Bitcoin and Ethereum&#8217;s market depth improved across [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":288098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,39,32631,6849],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Silvergate troubles affecting crypto&#039;s USD market depth<\/title>\n<meta name=\"description\" content=\"The significant USD liquidity decline shows Silvergate&#039;s role in connecting the traditional financial system and the crypto industry.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/silvergate-troubles-affecting-cryptos-usd-market-depth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silvergate troubles affecting crypto&#039;s USD market depth\" \/>\n<meta property=\"og:description\" content=\"The significant USD liquidity decline shows Silvergate&#039;s role in connecting the traditional financial system and the crypto industry.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/silvergate-troubles-affecting-cryptos-usd-market-depth\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-09T11:07:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-09T11:08:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/silvergate-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/silvergate-troubles-affecting-cryptos-usd-market-depth\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/silvergate-troubles-affecting-cryptos-usd-market-depth\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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