This is something I've been long wondering about.
Let's say that I have statistics showing the daily closing Bitcoin price in USD since early 2009. Great. Now, if I wanted to get the daily closing Bitcoin price in SEK or EUR or whatever currency instead of USD, I could use historical exchange rate data to translate all the data points to SEK prices, or EUR prices...
Or could I?
This is based on the assumption that all the non-USD markets are simply "translated" from the USD price; that they are all interconnected. For example, if I buy X Bitcoin at some date using SEK or EUR, that is reflected in the USD Bitcoin price for that day, only translated into USD?
Or is each market (currency pair) "unique"? Maybe there are very, very few people trading Bitcoin in SEK, so the price could be completely different in SEK for one Bitcoin at any given date, differing completely from the USD Bitcoin price for that date?
I hope I've asked my question clearly. I'm trying to figure out if the data is simply "translated", or if there are unique markets for each currency which are their own "closed ecosystems".