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RE: Bitcoin Price Update: Currency crash below $5,800
Price is not determined through order book. This is a very common misconception. The amounts traded via market orders are 10-20 times bigger than those which can be found in order book.
You are talking just about one exchange, but there are hundreds. Even if order book meant anything, you are talking about a few rice grains within the package of rice.
I know price can not predict from order book..but bitfinex comes under top bitcoin exchanges by volume.