It impacts the dollar values of the post payouts shown on steemit.com and other sites built on the Steem blockchain. The price that is used by the blockchain is the 3.5 day average price as reported by the witnesses who supply a price feed.
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So a witness just chooses which market they're keen to looking at? And it's the average of all submissions during the last 3 days?
Yes, most witnesses use an average price across all markets. I actually wrote a price feed tool for witnesses which lets them choose which markets they use. In the end it's the witnesses responsibility to report the price as accurately as possible.