I think that in a general macro downturn, cryptocurrencies fall further than other asset classes: In a macro downturn, cash becomes more valuable, and, ceteris

I think that in a general macro downturn, cryptocurrencies fall further than other asset classes: In a macro downturn, cash becomes more valuable, and, ceteris paribus, this decreases the cash price of all assets, including crypto. The popular expectation of above-market returns in crypto is sufficient to create price volatility. A segment of crypto holders will sell when they believe above-market returns won't happen in the short to medium term. Obviously, downward spirals of selling occur in all/many asset classes. I think the expectation of above-market returns in crypto makes these spirals stronger.