The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

2017 is undoubtedly the highlight moment in the cryptocurrency field. In that year, Bitcoin successively exceeded the mark of 1,000 yuan, 10,000 yuan, and even 20,000 US dollars; on March 3 of the same year, its price also intersected with the price of an ounce of gold, and successfully caught up with the latter.

At that time, some people said that the price of Bitcoin could surpass gold. In addition to internal influences such as the hot industry market, it also happened to hit the drop in gold prices. But history tells us that things are not that simple; since that day, the price of Bitcoin has been above the price of gold, and it has been called "digital gold" by more and more people, trying to compare the two as safe-haven assets. High and low.

Image source: Coindesk

Although the correlation between gold and Bitcoin is not high and has always been hovering between 0 and 0.2 (data source: LongHash); Bitcoin's safe-haven properties have been reflected since 2013. For example, during the Cyprus debt crisis in 2013, the Greek debt crisis in 2015, and the Brexit referendum in 2016, Bitcoin prices performed relatively strongly.

Image source: Internet

However, compared with the market size of gold, the market value of Bitcoin is too small. Based on the current mined Bitcoin circulation of 18.32 million, the unit price of Bitcoin needs to rise to more than 400,000 US dollars per coin to catch up with the total market value of physical gold. Judging from the latest market turmoil, the "personality" of Bitcoin as a safe-haven asset seems to be collapsing.

On March 9, 2020, the U.S. stock market encountered a circuit breaker for the second time since 1997. The Dow Jones Industrial Average, the Nasdaq, and the S&P all fell by more than 7 percentage points. Three days later, the global asset market suffered another heavy blow. Less than five minutes after the opening of U.S. stocks, The decline in the S&P 500 index once again triggered the circuit breaker mechanism, and the market suspended trading for 15 minutes. At the same time, the stock markets of at least nine countries around the world followed closely, and it was called a global stock market circuit breaker day. What is even more surprising is that Bitcoin, which is accepted by most people as a safe-haven asset, has not been able to escape this crisis. When the trend was becoming increasingly stable, it suddenly plummeted, with a single-day drop of more than 39%.

It is a common habit for everyone to compare similar things together. They have common features such as scarcity, portability, divisibility, and non-corrosion over time. It is not unreasonable for Bitcoin to be regarded as digital gold with hedging properties. ;But at the same time Bitcoin is also a highly volatile risky asset. When the market enters risk-off mode, some people choose to buy for safety, while others who are doubtful tend to sell to reduce risks.