The plunge in crypto assets is testing the industry's axiom that Bitcoin is equivalent to "digital gold." As stocks plunged on Monday and carry trades collapsed, Bitcoin performed more like stocks than gold, and relevant data showed that the correlation between Bitcoin and gold turned negative in July. "It is unrealistic to think that institutional investors are allocating funds to Bitcoin for the same reasons as gold," said eToro analyst Josh Gilbert. "The two assets do not play the same role in the portfolio." Some observers believe that Bitcoin's plunge supports the view that it is an asset class that is particularly vulnerable to potential dangers (such as the Federal Reserve waiting too long to cut interest rates, causing the economy to fall into recession). Gilbert said: "If investors panic or want to deleverage, cryptocurrencies are often the preferred asset." (Jinshi)