After a strong start Thursday, bitcoin retreated to $23.6K and other cryptos sank into the red. ALSO: Alameda Research's collapse has led a number of crypto startups to postpone their token launches. JPRubin23 and TheSamReynolds write
The crypto market is struggling with an"Alameda gap," with several projects postponing their token launch plans because of a lack of liquidity despite surging bitcoin and ether prices.
Chaumont said he is advising projects to postpone by three to six months. Flowdesk expects the bear market to be around for another 12 to 18 months. Liquidity in bitcoin and ether markets as measured by the 2% market depth has dried up since Alameda went down, making it harder for traders to execute big orders without affecting the market price and for projects to issue new tokens.
“Crypto liquidity is dominated by just a handful of trading firms, including Wintermute, Amber Group, B2C2, Genesis, Cumberland, and Alameda. With the loss of one of the largest market makers, we can expect a significant drop in liquidity, which we will call the “Alameda Gap,” Kaiko wrote in a November briefing note.
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