Ask what bitcoin costs and you get a number. Ask where that number came from and the answer is usually an aggregator, which took it from a set of exchanges, which serve different customers in different jurisdictions under different rules. The single number is a convenience. Underneath it sits a market that is fragmented by geography far more than the charts suggest.
For anyone doing serious analysis rather than reading a ticker, that fragmentation is not noise. It is the signal.
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Three ways geography shows up in the numbers
The first is persistent price divergence between regional venues. The best documented example is the premium that has appeared repeatedly on Korean exchanges, where…
