Analyst Matt Khoury said that the argument that BTC is a safe-haven asset has obvious flaws. A sudden collapse in the stock market in the fourth quarter of 2018, when Nasdaq and other major stock indexes fell about 20% as the Fed hinted that it would sell off some of its assets to clean up its balance sheet. In this recession, Bitcoin also fell. In fact, Khoury believes that the stock market crash at the end of 2018 was the trigger for Bitcoin to plummet from $6,000 to the bottom of $3,150. He said that in fact, when the "wealth effect" broke out completely, liquidity was abundant, and risk assets performed well, crypto assets such as Bitcoin performed best.