Editor's Note: This article comes fromNakamoto Shallot (ID: xcongapp), Odaily is authorized to publish.

Editor's Note: This article comes from

Nakamoto Shallot (ID: xcongapp)

Nakamoto Shallot (ID: xcongapp)

, Odaily is authorized to publish.

Before the Asian market, the Federal Reserve cut interest rates again in an emergency. The Federal Reserve stated that in response to the social and economic damage caused by public health events to many countries, including the United States, the Federal Reserve cut interest rates by 100 basis points to 0-0.25 from now on, and launched 7000 billion-dollar quantitative easing program.

The Federal Reserve brought forward the regular interest rate meeting scheduled for Wednesday local time, and carried out the largest monetary policy intervention in a single meeting in history, hoping to effectively control the current crisis. Fed Chairman Jerome Powell said policymakers need to do everything in their power to ease the difficult situation. Powell also said that today's decision will support the U.S. economy and can also boost the market and return the market to normal; the Fed will not hold its planned meeting this week, and today's FOMC meeting replaces Tuesday or Wednesday's meeting.

After the Federal Reserve’s emergency rate cut, the central banks of Canada, the United Kingdom, New Zealand and other countries also cut interest rates urgently. Italy and Australia announced fiscal stimulus plans. Japan announced the second set of epidemic prevention measures. stimulus package. The "swarming" stimulus policies of various major and economic entities have further exaggerated the panic in the market.

Investors pulled money from U.S. stocks as demand for the U.S. dollar was weakening on concerns that the coronavirus would hit economic growth. Crude oil prices plummeted as an oil price war between Russia and Saudi Arabia intensified. However, although investors stopped buying stocks because they were worried about the economic downturn, a large amount of funds refused to withdraw from the US market, so US bonds were favored by the market, which in turn led to the recent situation of US bond yields constantly setting new record lows. The complex market environment has led to an extremely rare situation in which the U.S. dollar, U.S. bond yields, and international crude oil prices have fallen into a strong positive correlation in the recent period.

However, it is also in this extremely special situation that some subtle chemical reactions have occurred between Bitcoin, which has been criticized for its lack of logic, and some traditional large-scale assets that were once extremely difficult to form effective correlations.

Immediately after the Federal Reserve announced an emergency interest rate cut this morning, the cryptocurrency market represented by Bitcoin ushered in a long-lost collective jump, showing that the "safe haven upstarts" that have disappointed the market in the past few weeks have appeared in the traditional financial market It still has a certain conduction effect in case of major events. It was actually not accurate enough to position Bitcoin as a safe-haven asset with the same properties as gold. The following lists the changing trends of the correlation between Bitcoin and some traditional major assets since the beginning of the year:

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