According to Bloomberg News, a new study shows that a few exchanges are the key to affecting the price of bitcoin, allowing traders to basically ignore countless other exchanges without the risk of missing major transactions. Digital Asset Research reports that only 10 exchanges (including Liquid, Huobi, Coinbase, and HitBTC) are where the most price fluctuations are found, and then they will be transferred to other websites. The study alleviates to some extent cryptocurrency investors' concerns that price volatility in small exchanges is even more frenzied than normal, and many of these exchanges have been accused of artificially high trading volumes. The US Securities and Exchange Commission (SEC) rejected applications from some companies, partly because of concerns about market manipulation. Researchers investigated more than 100 cases in which the price of bitcoin rose by more than $ 100 in 5.5 minutes between April 1 and December 31 last year, and then looked for corresponding actions on other exchanges. In addition, researchers said they have also discovered that futures contracts on the exchange BitMex may also have an effect on price movements, although the specific impact is still under analysis.