Unlike in the past, the cryptocurrency market does move according to the global financial situation and the exact reason why the market is going down rapidly is because of the fear of recession is looming upon is and in situations like these, investors would bail out and look for much safer investment like gold and the raising of the interest rate is another factor for the fall.
At this time, the crypto movement factor is not too far away, as well as the global financial situation will determine the market will go down or just collapse, the dollar and gold are still the main sources in determining crypto movements, negative and positive reactions really depend on how the dollar and gold react, although in general crypto is not tied completely to anything, but this role is still the same to whatever will happen in the future, recession and inflation can affect fiat currency or crypto as a whole