US-based cryptocurrency exchange Coinbase has published a report 'Market efficiency of gold and Bitcoin' in which described bitcoin's (EXANTE: Bitcoin) dominance over the gold market amid global financial uncertainty.
The exchange says the bitcoin markets "have been relatively efficient amid recent macroeconomic turmoil."
Compared with global gold markets that have been disrupted for a few weeks, bitcoin’s top exchanges have largely "maintained parity."
It is worth mentioning that on April 29th, the exchange saw the degraded performance, with brief periods of downtime for Coinbase and Coinbase Pro amid bitcoin's skyrocketing surge.
Coinbase says bitcoin is technologically better compared to gold that should be transported, deposited, or withdrew physically all over the world.
"And if current market conditions continue, Bitcoin may yet distinguish itself further," the exchange points out.
The popular cryptocurrency trading platform also says bitcoin is outperforming both the S&P 500 and gold market even though bitcoin is much more volatile.
As of April 29th, bitcoin, gold, and the S&P 500’s year-to-date returns are +20%, +12%, and -8% respectively.
iHodl earlier reported that Coinbase rolled out a new signed price feed called Coinbase Oracle.
The price oracle can be accessed via the Coinbase Oracle API. and the feed is fetching the data from Coinbase Pro and updates each minute.
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