I understand and recognize that in about the past year or so, a lot of folks had been gravitating towards Bitfinex as a leading indicator of price direction and moving away from Stamp... So now, Itbit is in the price setting scene?
I understand that price can be set in a variety of ways and through a variety of exchanges, but I really have difficulties considering how Itbit could come on the price setting scene so quickly when a lot of places don't even list their volume, so if you have to go out of your way to figure out information about them, then how could it be that they are influential in driving price direction?
bitfinex was "leading" because it had more than double the volume then the #2 btc/usd exchange ( bitstamps, which at one time was leading )
when bitfinex went down itBit had the most volume, and seemed to be ahead price wize, it was always higher than other exchanges during the bounce.
but i think its important to look at the top 3 exchanges they all have very similar volume. itbit has the most volume tho.
http://bitcoincharts.com/markets/ we all suspect, CNY volume is exaggerated... also things are priced in DOLLARS not silly cny.
CNY exchanges came much later, and so they faked there volume in order to get noticed. and there still at it apparently in the past 24 hours over 15million coins have been traded in BTC/CNY lol what a joke.
Edit: it would appear that
http://bitcoincharts.com/markets/ is reporting very inconsisten volume number for OKCoin an BTCchain feels like its broken some how. oh what ever BTC/USD thats all we need to look at...
Edit 2: oh i'm reading it wrong i was looking at 30day volume.