Can anyone explain to me how the price of btc/crypto is set? Is there a formula the prices follow, like all the btc that’s been mined, divided by the number of people who own them or whatever sets the price. Like what is the driving force that makes dogecoin $1 (or whatever it is now) and btc jump from $30k to $60k then back to $30k. When I go on Coinbase and I go to buy btc for $30k, who is the authority that says 1btc=$30k USD?

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If you could buy it cheaper on one platform than another, everyone would buy or sell on the best platform and they would even out. The price is based on what a seller will sell for and a buyer will pay. It is no different than why a share of Apple is priced like it is.

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Exchanges will match the lowest Ask with the highest Bid. When sellers are asking for higher prices, and buyers are willing to pay for it, the price will go up, or vice versa.

If I can buy or sell at a better price on a different exchange, I’ll simply go to that exchange. Hence why across exchanges, pricing is very similar.

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