Cryptocurrencies and blockchain technology are disruptive innovations at the vanguard of a new wave of the digital revolution. The far-reaching appeal, global reach, unprecedented mobility of capital, and multitude of trading venues have created a marketplace like no other. The economic fundamentals underlying this market are yet to be fully comprehended, as evidenced by the often-contradicting guidelines recommended by accounting firms, government agencies, and standard setters. Many of the definitions and models used for classical markets cannot be applied directly to cryptocurrency. Basic concepts must be reinterpreted, and models must be modified to fit the mechanics of these markets. In this article, we focus on one such concept: that of fair value. We argue that in light of the fragmentation of cryptocurrency markets and the global dispersion of trading venues, a principal market may be difficult to identify. The primary objective of this article is to present a methodology to dynamically designate principal markets and derive fair value prices for financial reporting using this designation.

加密货币和区块链技术是颠覆性创新，处于数字革命新潮的先锋。广泛的吸引力，全球影响力，前所未有的资金流动性以及众多的交易场所，创造了一个独一无二的市场。会计公司，政府机构和标准制定者推荐的经常相互矛盾的指南证明，该市场的经济基础尚未完全理解。经典市场中使用的许多定义和模型不能直接应用于加密货币。必须重新解释基本概念，并且必须修改模型以适应这些市场的机制。在本文中，我们将重点放在一个这样的概念上：公允价值。我们认为，鉴于加密货币市场的分散化和交易场所的全球分散，主要市场可能难以确定。本文的主要目的是提供一种动态指定主要市场并使用该指定得出财务报告的公允价值价格的方法。