Canadian Bitcoin Index your questions answered
The index's primary aim is to answer the question 'What is the price of a Bitcoin in Canadian dollars'. Whilst other 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. The difference represents local supply/demand issues and/or the regulatory environment thus this index represents a true indication of the price of Bitcoin in Canadian dollars.
This index value is clearly presented and represents the current price based on actual recent trades.
The index analyses all Canadian dollar to Bitcoin trades from the last hour from exchanges with Canadian dollar orderbooks and calculates a volume weighted average of these trades. The index runs these calculations every minute using trade data from the previous hour. The index is volume weighted meaning more weight is given to larger trade sizes and is equally weighted over the hour period to create a smoothing effect on the index value.
The index is updated every 60 seconds using trade data for the previous 60 minutes. The index value is automatically refreshed while on https://cbix.ca.
Currently a simple moving average of the last hour of trade data is used. If volume increases substantially the index calculation may be adjusted to an exponentially-weighted average thus placing more weight on more recent trades (in addition to the current volume weighting). Currently due to the liquidity of each exchange this method is currently unviable and results in higher volatility due to outlier trades.
Index data is available back to 1st September 2009 resulting in nearly 2 million index data points. Historical index data is available via the charting library and also via the /history API call.Index data prior to August 28th 2014 is provided exclusively via the Cavirtex exchange.
Historical statistical volatility is a measure of how much the bitcoin price fluctuated during a given time period. The CBVIX is calculated assuming a log normal return distribution and determined daily based on the standard deviation of returns over a 30 or 10 day period. The volatility value is an annualised figure based on a 365-day trading year for bitcoin and 225-day trading year for Gold and the TSX. When option prices become available we we add an implied volatility metric.
We currently have a sentiment index in development and will be released in due course.
We list current Bid/Ask data for each exchange and highlight on the homepage the current best Bid/Ask prices. For example if you are looking to buy Bitcoin simply look at the Ask column on the homepage for the price highlighted in a green box which will be the lowest Ask price which is the lowest price currently available to buy. Conversly to sell Bitcoin look at the Bid price to find the price highlighted in green and the highest price is the best current price available to sell.
This does not guarantee that the price is available in the volume that you wish to trade. For a simplified view of the best price to buy and sell bitcoin please see the website https://bestbitcoinprice.ca which uses the CBIX index data.
There are currently seven exchanges used in the index calculations. QuadrigaCX (added August 28th 2014), Cointrader (added January 8th 2015) Taurus Exchange (added 11th March 2015), Coinbase (added September 7th 2015), Coinsquare (added 9th September 2015) and Kraken (added 29th June 2015). Cavirtex (added Sept 1st 2009) were removed from the Index on 11th March 2015 and re-added on 9th April 2015 following their acquisition by Coinsetter. Vault of Satoshi (added August 28th 2014) was removed from the index on January 14th.
To be included in the index the exchange must have a Canadian Dollar orderbook
physically located in
Canada, be legally allowed to operate in Canada and have sufficient
liquidity (defined as having a 5% 1% market share or greater for the trailing
Yes. All new Canadian exchanges will be added provided they meet the requirements listed above (which are subject to change) and have a public API which we may extract the required market information. Conversely any Exchange who fails to meet these criteria will be removed from the index.
We offer charting resolutions from 1 minute to 1 month. To alter the resolution change the resolution dropdown to the desired value and the chart will automatically update.
Far too many to list. To see all indicators and fundamental tools press the Indicators button on the charting toolbar. To add to a chart simply choose the indicator and then you may customise the settings of each by double clicking the indicator on the chart.
We offer index data based on the Cavirtex exchange from the 1st September 2009. The opening price on that date was $8!
The charts are highly customisable. You may change the axes scales, timezones and charting type (bar, area, line and various candle charts are offered). To do so simply choose the settings icon in the charting navigation bar.
Yes, we maintain end-of-day data for GOLD and the TSX Index which may be added directly to charts for comparisons with the Canadian Bitcoin Index. To use either use the symbol switch or compare and add symbol tooltip.
Our notification system allows you to be notified via SMS, email or webhook whenever certain index conditions are met. For example you could receive a SMS whenever the Index reaches $1000 or when the 24 hour volume passes 5000 BTC or there is a 24 hour change of 5% (in either direction).
All notifications are triggered once and once only. The address that you use for notification is encrypted via AES encryption in our secure database and deleted once triggered. We will never use your address for anything other than receiving triggered notifications.
Webhook notifications may be used to trigger certain actions in your own applications. For example using a webhook index price trigger you could send a tweet when the index price was greater than $1000 or even configure a trading platform to place an order when certain index conditions were met, such as a volume spike.
On the API page sample curl requests are displayed that may be run from a terminal application or by clicking on the 'send to hurl.it' link this will emulate the request in a browser to see the response.
Currently the following endpoints are available with additional endpoints in development.
The API status may be found at the footer of each page and also via our dedicated status page at http://status.cbix.ca where you may subscribe to status notifications.
The API is not rate limited though all data on the public API is cached for 60 seconds. We reserve the right to restrict access to anyone abusing the API.
Yes, we actively encourage you to use the API. Our API is hosted on enterprise-grade hardware with sophisticated monitoring services for maximum uptime and minimal latency. Should you require a custom metric or support implementing the API please contact us.
Yes, our data is available via Quandl using the ticker CBIX/CBIX.
Yes, in addition to our direct API calls we also support the Mashape API platform. You may get access to the API via the CBIX Mashape webpages.