The Canadian Bitcoin Index (CBIX) created by Vancouver startup Digital Currency Research is a real time blended bitcoin (BTC) price index which reflects the true price of the digital currency in Canadian dollars. Whilst alternative indexes exist they are denominated in other currencies and exchange rates do not accurately represent the true cost of purchasing bitcoins through a Canadian exchange using Canadian dollars where differences in local supply/demand and/or regulatory environments may influence local pricing.
There are currently four exchanges in Canada that allow bitcoins to be purchased with CAD and the CBIX combines all trades from these exchanges by volume over a one-hour period. It uses a volume-weighted moving average to set its price.
“Determining a single current price is important in driving adoption and an understanding of the true value of a bitcoin in Canadian dollars and removes the confusion caused by price differences between exchanges.” said Chief Technology Officer Dr. Gareth Davies “The platform is designed for users to be a one-stop shop to find out what is happening in the Canadian bitcoin space and to instantly compare performance to other more familiar asset classes such as gold or the TSX”
The CBIX platform provides developers with a comprehensive suite of APIs that are ready to be integrated into real-time applications based on the proprietary index. Such integrations are already available on the Quandl data platform and TradingView charting application.
In addition the site features:
- Advanced comprehensive charting capabilities which are free for use based on an archived two million index data points.
- A volatility index (CBVIX) which tracks the historical volatility of the bitcoin price.
- An enhanced notification system designed to alert users when certain market conditions are met such as volume spikes or price thresholds.
- A CAD to BTC and BTC to CAD currency converter.
- A combined order book which highlights current bitcoin market depth in Canada.
- Live buy/sell quotes from all Canadian exchanges.
About Digital Currency Research
Digital Currency Research is a data analytics company focused on digital currencies and their applications based in Vancouver, BC.