It's hard to say, hopefully the situation doesn't end up in armed conflict specially because that is what the US regime wants (I personally believe the Keshmir terrorist attack was CIA's work, there is just too much evidence suggesting it).
A lot of neighbor countries like Iran are already trying to de-escalate the situation and prevent war from breaking out because the last thing we need in our region is a war.

But if it does, the consequences of it could destabilize a wider region in the world and it is not just India and Pakistan that are going to be involved and affected. China and US are already picking their side and sending weapons to basically fight a proxy war there!
It could also affect the global supply chain as the conflict could also pour into the Indian Sea, and maybe even Arabian Sea and affect a lot of shipments that pass through the region.

Depending on the scale and the effects on the global economy, the result in the crypto market could be different.

Those lists mean absolutely nothing, the data they use is just too raw and the "strength" they talk about is just on paper. In reality things are very different. Take the situation in the Red Sea, Yemen is not even in the list and yet they've already defeated US military there!

Take airforces of India and Pakistan.
On paper Pakistan has a smaller number of aircrafts and is counted as weaker. In reality is is actually stronger compared to the Indian airforce. Pakistan has better pilots and the PL-15 beyond visual range air-to-air missiles would do wonders in air-to-air fights. And that's just one of the factors. With better trained pilots that PAF has actually invested in a lot over the years, they will have an easier time gaining air superiority.