We have enough knowledge on how a recession can affect the world economy, market, and trading civilization. It is hard for market analysts, strategist, and experts to actually prevent this. Stating globally, it involves the whole world be it a large economy or not. Some countries may rise again at a pace, but for others it will be a rocky ground.
Fiat or any tangible currency may experience the same but in terms of Bitcoin and other forms of cryptocurrency, it won't be at a state of zero. Bitcoin is volatile and decentralized as we know it so it won't be hard for it to bounce back again knowing its decline in the present. Only a matter of time until users could again rejoice for healthy trading and earning coins.