Is this formula a good way of determining the spot market price?
DolarToday *
Bitstamp793.10 * 238.6
1 BTC = 189,233 VEF
Although the price on
LocalBitcoins is somewhat lower 164,712 VEF (Caracas average)
There's also sites like
BTCParalelo and
BitVen that gives you also the price. You should check those.
The 1st one uses Coindesk * Dolartoday, which I think it is also a good price calculation.