For me yes, as you can see recently. It is like a global effect, it is on any market majority, not only in the cryptocurrency market but also in stock markets.
For me, during dumps, the percentage of dumps on cryptocurrency is much higher compared to stock markets, which seems natural as we all know cryptocurrency is more volatile and the volume or market cap is still low in the cryptocurrency market.
It should only affect the stock market but since it is said to be global then I think it will have some effect in cryptos and maybe this is the reason why we are going down again. It is normal that crypto can dump more because they are more fragile or volatile than a stock which is most of the time known to be a stable asset just like a gold but dumps are a good thing for accumulation before the rise or the bull happens again.
The overall market cap of crypto might be low for now compared to the stock market but time will come that it will grow and the price will be more stable which is still a good thing I believe? That way people now use their coin more in buying/paying.