The spread is the difference between the buy and sell prices quoted for a cryptocurrency. Like many financial markets, when you open a position on a cryptocurrency market, you’ll be presented with two prices. If you want to open a long position, you trade at the buy price, which is slightly above the market price. If you want to open a short position, you trade at the sell price – slightly below the market price.
Musk has been a long-time advocate of cryptocurrencies and the Tesla decision was felt across the market, with other digital tokens going down in price.

"For any centralized service, we have to do [client verification] and hold customer data," Zhao said. "On top of that we have to hold customer assets. Unlike banks, when the assets get stolen it's difficult to get them back. There's a high responsibility on the centralized exchanges we need to carry out well."
Under Brooks' leadership at OCC, the regulator issued guidance regarding banks' use of stablecoins and blockchains, as well as an interpretive letter clarifying that national banks are allowed to provide cryptocurrency custody services.