BitcoinAverage Updates Index to Include Global Average

Ask and Ye Shall Receive

I’m not a fan of the CoinDesk Bitcoin Price Index so I am glad that BitcoinAverage has tweaked their Index to be a truly Global Average

We now have a Bitcoin global average price! This incorporates all data from all exchanges we have integrated and is displayed in USD”

Announced BitcoinAverage on Twitter

Here was my request five days prior:

So on with the Global Average…

What is global average?

Global average is a weighted average price across all currencies markets. Each currency own weighted average is converted into target currency (USD by default) and an overall weighted average across all currencies is calculated basing on trading volume for each market.

Global weighted average is available in all currencies, USD is on top of the home page, while others are available in the legend area along with relevant market’s volume weight.

I suppose its interesting to point out that USD Weighted Average was the previous BitcoinAverage home page default. However this reflected exchanges that use the USD and are not necessarily located in the United States. For Example Mt. Gox HQ is in Japan but prices reflect USD https://www.mtgox.com/?Locale=en_US and users can buy bitcoin via USD. In fact the other two large exchange that comprise the USD Weighted Average are not located within the United States either. BitStamp is located in Solvania (according the the Bitcoin Wiki) and according to its website is a “ European Union based bitcoin marketplace.” And according to Wikipedia, BTC-E is located in Russia.

BTCChina is denominated in BTC & Yuan (not USD) and …surprise…is located in China. Previously, BTCChina values could only be obtained in the subcategory CNY at BitcoinAverage and was not reflected in the front page BitcoinAverage.

However, BitcoinAverage needs one final implementation of this scheme. Currently the BitcoinAverage homepage uses “Data for USD weighted average” below the price and obviously needs the default to be “Data for Global weighted average” and include the other data feeds. Also the chart appears to draw its Data from the USD Average and not the Global Average.

http://www.bitcoinaverage.com