Glossar

Centralised exchange: operated by a company that holds customer funds. Decentralised exchange: a protocol that trades without central custody.

The decline from a peak to a subsequent trough; a measure of the downside experienced.

Exchange-traded funds and products that give exposure to an asset through a traditional brokerage account.

The ability to buy or sell an asset in size without moving its price much.

Price per unit multiplied by circulating supply; a measure of size, not of liquidity or quality.

The route from fiat money into crypto, and back.

The list of open buy and sell orders on an exchange.

The intended link of a stablecoin to its reference value, and its breakdown.

The assets backing a stablecoin, held by its issuer.

The difference between the expected and the executed price, usually caused by low liquidity or large orders.

The difference between the best buy and sell prices.

A crypto asset designed to hold a stable value against a reference such as the US dollar or the euro.

The intensity of price fluctuation over time.

A holder of a very large amount of an asset, whose actions can move the market.