Today, I’m pleased to announce the launch of the Bitcoin Street Price, a new index that tracks Bitcoin as it trades on peer-to-peer and over-the-counter exchanges. The goal of the index is to closely approximate the real-world cash value of Bitcoin.
Index values are computed every 15 minutes, reflecting the slower speed of over-the-couter trades. Trades are both volume- and time-weighted, with larger and recent trades factoring more highly in the index value.
At time of launch, the Street Price is calculated for 16 global currencies: BRL, CNY, COP, EUR, GBP, INR, MXN, NGN, RUB, SAR, THB, TRY, UAH, USD, VEF, and ZAR. Index history goes back to the earliest trades available on OTC market APIs.
The Street Price site has an overview page highlighting the tracked currencies, but the single-currency view is in the works. I also plan on launching a developer API page to enable wallets and other data sites to incorporate the data.
Other improvements include more global currencies and additional data sources for over-the-counter trades. Stay tuned for updates as this project is under active development.
Drop me a line with your comments and suggestions for improving the Street Price.