How would bitcoin liquidity be negatively affected? Not following

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Because most of the institutional liquidity for bitcoin cleared through Silvergate and Signature. So that's going to create some challenges. Which will be worked through, of course. But there might be hiccups along the way.

“Cleared”? its bitcoin. It doesn’t clear through anything. That’s why we bitcoin.

If you’re buying through an intermediary like Signature, the intermediary has to clear the trade