The crypto market isn't essentially or intrinsically affected by the situations of other financial markets.
I would have to say that this isn't true. While seemingly not connected to any government or nation, crypto is affected by economic situations as much as anything else. Crypto is still considered an investment and when the economy is in the toilet, people tend to not stretch out and put their hard-earned money into any investments, no matter how good or bad they are. And crypto is still mostly considered an investment rather than a potential of an actual functioning currency.