The beginning of the Coronavirus pandemic outside China eventually caused a global market crash, bringing every risk-on and risk-off asset on one-side of the spectrum. As usual, bitcoin and gold fell in sync with the global stocks in March 2020 as investors’ safe-haven perceptive shifted to cash.
The U.S. Federal Reserve later introduced an emergency package to protect the economy. That followed the Trump administration’s decision to introduce a $3 trillion stimulus package. As liquidity started flowing back into the economy, both Bitcoin and SPDR registered remarkable recoveries.