有分析人士认为，本轮下跌深层原因是原油和新冠病毒疫情双重打击下，风险资产价格暴跌带来的一次流动性危机;此外，加密市场高杠杆对于行情下跌起到了推波助澜的作用。

According to analysts, the deep decline in this round was due to a liquidity crisis brought about by a sharp drop in the price of risk assets as a result of a combination of crude oil and a new coronary virus epidemic; moreover, high leverage in the encryption market contributed to the decline.

2020年2 月下旬，新型冠状病毒病(COVID-19)对全球的影响开始凸显，中国以外全球受新冠肺炎疫情影响的国家和地区数量不断上升，金融市场遭受冲击。

In late February 2020, the global impact of the new coronary virus disease (COVID-19) began to be highlighted, with the number of countries and regions affected by the new coronary pneumonia epidemic rising globally outside China and the impact on financial markets.

2020年2 月 24 日，亚太股市遭遇重创，韩国综合指数创逾 16 个月最大跌幅;美股三大股指(纳斯达克指数、道琼斯指数、标普 500 指数)收跌超 3%，道指更是创下两年来的最大单日跌幅;欧股集体大跌，意大利股市跌幅超 5%，德国股市、法国股市也跌超 4%。

On February 24, 2020, the Asia-Pacific stock market was hit hard, with Korea’s combined index showing the largest fall of more than 16 months; the three major shares of the United States (Nasdak Index, Dow Jones Index, Puppet 500 Index) fell by more than 3 per cent, the largest single-day fall in two years; the European stock pool fell by more than 5 per cent in Italy; and the German stock market and the French stock market fell by more than 4 per cent.

受此影响，比特币在突破 1 万美元之后，上涨乏力，最低回调至 8500 美元，后反弹至 9500 美元一线震荡，一直持续到 3 月 7 日。

As a result of this, Bitcoin rose weakly after breaking $10 million, returning to a minimum of $8,500 and rebounding to $9,500, which lasted until 7 March.

疫情是阻碍比特币上涨的一座大山，压倒比特币的最后一根稻草，则是原油价格战。

The epidemic is a mountain that has prevented Bitcoin from rising, and the last straw to prevail over Bitcoin is a crude oil price battle.

3 月 8 日“欧佩克”(石油输出国组织简称)谈判失败，沙特打响石油价格战。当日股市休市，投资者无法交易股票。加密市场由于 7*24 小时的交易属性，首当其中遭受冲击。

On 8 March, negotiations in “OPEC” failed, and Saudi Arabia sounded a war on oil prices. On that day, the stock market was closed, and investors were unable to trade stocks.

3 月 10 日，原油期货遭遇“史诗级暴跌”。与石油有关的公司股价瀑布式下跌，拉低了美股的指数，当周美股两次熔断。美股的熔断，最终也反映在加密市场，投资者大量抛售比特币换取现金流。

On March 10, crude oil futures fell “historically versed.” The oil-related corporate stock-price falls, lowering the index of the United States dollar, when it melted twice. The melting of the United States stock was finally reflected in the crypto market, where investors sold bitcoins in exchange for cash flows.

长期以来，关于比特币究竟是不是避险资产，一直争论不休。

There has long been debate as to whether Bitcoin is a hedge asset.

有分析人士认为，在这次市场下跌过程中，比特币更多的表现出来的是一个风险属性，而非避险属性。主要原因还是因为这次是流动性问题。流动性的急速抽走，其实是没有什么资产能够独善其身，包括黄金从 1700 美金跌到 1400 美金。其实经过这次暴跌之后，比特币现在的跌幅其实是小于股票的。所以，从这个角度来说，比特币还是在逐步展现它的避险的一定的属性。但是，它避的险不是流动性危机，它避的险其实是地缘政治风险、主权信用违约以及所谓的央行现在印钱的风险。

According to analysts, in the course of the fall of the market, Bitcoin is more likely to exhibit a risk attribute than a risk-avoidance attribute. The main reason is that it is still a liquidity problem.

去年 6 月份，由于贸易战等原因比特币与黄金双双大涨;今年年初的「美伊危机」，也促使比特币与黄金再次大涨。但近期的原油价格战，比特币就没有跟随黄金上涨。

Last June, Bitcoin and gold rose sharply, for example, as a result of the trade war; and the “Mey crisis” at the beginning of this year prompted Bitcoin and gold to rise again. But in the recent crude-oil price battle, Bitcoin did not follow gold up.

特别是近期比特币与美股走势保持一致，更加凸显风险属性。

In particular, recent trends in Bitcoin and the United States have been consistent, giving greater prominence to risk attributes.

3 月 23 日，美联储推出「无限 QE」来支持经济发展：为确保市场运行和货币政策传导，将不限量按需买入美债和 MBS。

On March 23, the Federal Reserve launched the Unlimited QE in support of economic development: to ensure the functioning of the market and the transmission of monetary policy, there will be unlimited purchases of US debt and MBS on demand.

消息一出，比特币短时拉升 10%，盘前美股期指从熔断跌停转为熔断涨停。

In the news, Bitcoin pulled 10 percent short, and the pre-dip United States stock pointer went from smelting down to smelting up and down.

目前各国都在降息、QE、印钱，化解流动性危机，比特币以及传统金融大概率不会再产生暴跌情况。“如果央行放水奏效，比特币因为池子小，流动性好，肯定会上涨。如果放水不奏效，也就是以美元为首的这种主权货币信用体系的崩塌，无疑对比特币是更大的利好。2020 年如果主权信任崩塌，货币可能第三次寻锚，比特币是否能成为其中的一个锚，尚不可知。“现在看除了主权信用货币以外还没有第三锚，有一种可能就是以比特币为代表的这些数字货币系统。那么对于比特币来说无疑是利好，因为它最有可能成为第三个锚。

If it does not work, the collapse of this sovereign monetary credit system, led by the United States dollar, is certainly better. It is not clear whether by 2020 the collapse of sovereign trust, the currency could be anchored for the third time, and whether Bitcoin could be an anchor for it. “It seems now that there is no third anchor other than a sovereign credit currency, and that one of these monetary systems is probably represented by bitcoin.

2020 年，多灾多难，但比特币或许成为最大赢家。

In 2020, the disaster was difficult, but Bitcoin was perhaps the biggest winner.