In the context of a sharp decline in the global market, Bitcoin has plummeted 40%, and leverage-driven prosperity has ceased. In 2019, financial institutions that began to pledge and lend digital currency began to appear in the market. The currency market, driven by leverage, showed a certain false "prosperity" scene. The currency price drop is a process of market deleveraging. The price of the currency is close to being cut, but the computing power has not fluctuated significantly, highlighting the flexibility of the mining industry. There are two reasons for the elasticity of mining.
1. The mine cannot be shut down due to the constraints of the electricity use contract;
2. Miners have a strong willingness to hold coins at a low level and expect the currency price to rebound;
At present, Bitcoin is a special alternative asset, and its correlation with gold and emerging markets is not obvious. Although bitcoin and gold have many similar attributes, the analysis of the price relationship between the two shows that the correlation between bitcoin and gold is not high; similarly, the correlation between bitcoin and the MSCI emerging market index is not obvious. Currently, Bitcoin is still considered a special alternative asset, but in recent years, it has attracted much attention from the traditional capital market, and has certain interoperability with other assets in terms of liquidity.
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