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Bloomberg
A handful of Bitcoin exchanges are key to setting prices, allowing traders to largely ignore the myriad of other bourses without the risk of missing major moves, according to a new study.
Only 10 markets — among them Binance, Liquid, Huobi, Coinbase and HitBTC — are where most price discovery takes place, and moves that originate there later migrate to other sites, according to Digital Asset Research, which provides crypto prices and data analysis for institutional clients.