The U.S. stock market crash on March 9 triggered a global asset big dump, raising doubts about Bitcoin's safe-haven attribute.

March 9, 2020, is destined to become a day worth remembering in financial history.

Since the U.S. stock market experienced "Black Monday" in 1987, the circuit breaker mechanism has been implemented in the U.S. stock market. Over the following decades, it was first triggered on October 27, 1997, when the Dow Jones Industrial Average dropped by 7.18%, marking the largest single-day decline since 1915.

However, under the impact of multiple factors such as the spread of the COVID-19 pandemic, the U.S. presidential primary elections, and the plummeting oil prices, the U.S. stock market crashed again on March 9, 2020, triggering the circuit breaker mechanism for the second time in history, with its effects rippling across global stock markets.

During the same period, the cryptocurrency market was also not spared. Bitcoin, known as "digital gold," fell from $9,170 to $7,680, breaking through the two key support levels of $8,000 and $7,800, with a decline of nearly 20% over two days. The liquidation amount of contract trading on several major exchanges reached nearly $700 million.

Analysis suggests that the recent collapse of the U.S. stock market is the result of multiple factors, including the coronavirus, the oil price war in the Middle East, and the U.S. elections. In fact, prior to this, global financial markets had already shown insufficient liquidity, and market performance was below expectations. The actual amount of funds is lower than commonly perceived, coupled with a large amount of leverage, which can easily trigger liquidity issues.

The synchronized decline of the global financial markets has triggered a demand for safe-haven assets, with panic driving investors to sell off stocks and flee the commodity futures market, redirecting funds into traditional safe-haven assets such as gold, cash, and government bonds.

In the blockchain field, Bitcoin is regarded as having a store of value function due to its scarcity and was once considered a potential safe-haven asset. However, during the recent global financial asset crash, Bitcoin did not rise like gold; instead, it experienced a significant decline, raising questions about its safe-haven properties.

Regarding the claim that "Bitcoin is a safe-haven asset," some senior analysts hold a negative attitude. They believe that the current market size of Bitcoin is too small to withstand a sudden influx of large amounts of capital from traditional financial markets. In addition, Bitcoin's price is highly volatile, rising threefold in the first half of 2019, only to drop nearly 50% in the second half. This instability makes it difficult for professional investment teams to regard it as a reliable safe-haven tool.

From a hedging perspective, Bitcoin is indeed difficult to compare with gold at present. In addition to insufficient market depth, mainstream investors' understanding and consensus on Bitcoin remain inadequate. Therefore, Bitcoin currently resembles a high-volatility, liquidity-sensitive risk asset rather than a safe-haven asset.

However, this does not mean that Bitcoin can never become a safe-haven asset. Compared to traditional financial markets, Bitcoin is still a niche asset, and it may be too early to position it as a safe-haven asset now. However, it is undeniable that on the road to becoming a "digital gold" safe-haven asset, Bitcoin has undoubtedly gone the furthest and has the most potential.

It should be emphasized that investors should rationally view the high volatility of the cryptocurrency market, make prudent decisions, and not blindly follow the trend.