This paper distinguishes between risk resonance and risk diversification relationships in the cryptocurrency market based on the newly developed asymmetric breakpoint approach, and analyzes the risk propagation mechanism among cryptocurrencies under extreme events. In addition, through the lens of node association and network structure, this paper explores the dynamic evolutionary relationship of cryptocurrency risk association before and after the epidemic. In addition, the driving mechanism of the cryptocurrency risk movement is analyzed in a depth with the epidemic indicators. The findings show that the effect of propagation of risk among cryptocurrencies becomes more significant under the influence of the new crown outbreak. At the same time, the increase in the number of confirmed cases exacerbated the risk spillover effect among cryptocurrencies, while the risk resonance effect that exists between the crude oil market and the cryptocurrency market amplified the extent of the outbreak's impact on cryptocurrencies. However, other financial markets are relatively independent of the cryptocurrency market. This study proposes a strategy to deal with the spread of cryptocurrency risks from the perspective of a public health crisis, providing a useful reference basis for improving the regulatory mechanism of cryptocurrencies.

翻译：本文基于新开发的不对称断点方法，区分了加密货币市场中的风险共振与风险分散关系，并分析了极端事件下加密货币间的风险传播机制。此外，通过节点关联与网络结构的视角，本文探讨了疫情前后加密货币风险关联的动态演化关系。进而结合疫情指标深入分析了加密货币风险变动的驱动机制。研究发现：新冠疫情冲击下加密货币间的风险传播效应更为显著；同时，确诊病例数的增加加剧了加密货币间的风险溢出效应，而原油市场与加密货币市场之间存在的风险共振效应放大了疫情对加密货币市场的影响程度。然而，其他金融市场与加密货币市场保持相对独立。本研究从公共卫生危机视角提出应对加密货币风险传播的策略，为完善加密货币监管机制提供了有益参考依据。