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So if someone decides to sell 1 bitcoin at $157, immediately the lowest price falls to $157, causes panic among other bitcoin-ers and they all start selling, is that how the market works? I am not sure what is going on, I placed an order to buy at $210 but that is still pending since yesterday.

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No, whatever the current highest bid is will get executed, and you'll sell at that price, instead of $157 (assuming your offer is through the bid).

Just ignore the high/low prices and focus on the weighted average (223$ right now) which is a much better indicator IMHO.

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