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I have a question regarding the open and close price of historical bitcoin data. Do they make sense? The bitcoin market is 24/7 do we really have a close or open price. When does yahoo finance record the open/close price of bitcoin? I know their reference time zone is GMT but when do they calculate the open price and when do they calculate the close price?

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Yahoo uses Coinmarketcap. enter image description here

Coinmarketcap defines it as such:

The market opens at 12:00 AM (00:00) and closes at 11:59 PM (23:59) UTC time.

For the Historical Tab of a Coin/Token, we take a snapshot when the market opens and when the market closes.

Data is collected, recorded, and reported in UTC time unless otherwise specified.

a quick comparison shows that this is indeed the case. enter image description here

There is no time difference between Coordinated Universal Time and Greenwich Mean Time. However, GMT is a time zone and UTC is a time standard, meaning no country uses it as a local time.

London uses Greenwich Mean Time (GMT) during standard time and British Summer Time (BST) during Daylight Saving Time (DST), or summer time. Therefore, it will not match UTC all the time.

The choice for UTC is natural, because pretty much everything, starting from Unix Epoch is based on UTC as well.

Whenever you have markets that trade 24/7, you need to decide about some artificial snapshot if you want historical data. You can find some details on what is frequently done in FX in this question.

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It looks like local London time, not GMT, is used. Open/close is marked at midnight for this 24/7 market.

https://finance.yahoo.com/quote/BTC-USD?p=BTC-USD

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