According to Bitcoinist news, the article analyzes that in the past few weeks, the S & P 500 index and the cryptocurrency market have shown signs of recovery. However, with the arrival of the most severe moment of the COVID-19 crisis and the intensification of the global economic recession, macro factors indicate that cryptocurrencies may not have reached the bottom. In addition, the correlation between Bitcoin and the stock market hit a record high, which indicates that the cryptocurrency has not yet reached the level of safe-haven assets. If this correlation continues, it is not a good thing for cryptocurrencies, because many analysts predict that the bottom of the stock market has not yet arrived, and investors should be prepared for a large-scale blow. When this happens, in the short term, cryptocurrency will not be bullish when investors seek liquidity.