In the latest research, legal researchers at Oxford University explored the relationship between cryptocurrencies, new coronary pneumonia and systemic risks in financial markets. The study believes that, on the one hand, the decentralization of cryptocurrencies is its significant advantage. Since transaction registration does not involve any central institutions, investors who lose trust in the central bank or the government may consider investing in cryptocurrencies. On the other hand, during the crisis, the correlation between markets may appear, so cryptocurrencies may not be a viable option. The researchers also analyzed the market capitalization and trading volume of the top 100 cryptocurrencies, and checked their relationship with the amount of virus outbreaks and the number of infections. They found that on average, each new case of new pneumonia caused a capital inflow Cryptocurrency market, which leads to an increase in the value of tokens. However, the relationship between the spread of the virus and cryptocurrencies is “inverted U”, that is, more initial cases of new pneumonia cause more investment in the crypto market, but after the turning point, the effect is reversed.