Exchanges should not be affected by a loss of liquidity, if exchanges are well managed then a dip in liquidity would just be expressed as a wider margin between

Exchanges should not be affected by a loss of liquidity, if exchanges are well managed then a dip in liquidity would just be expressed as a wider margin between their bid and offer prices. The exchanges themselves should have no "skin in the game" and should not be affected by price fluctuations or by liquidity. That's with a lot of should though, and there's little to no transparency in the bitcoin community to suggest whether any or all of those things are fulfilled in the exchanges currently being operated.