I think it's OK for cryptocurrency to be considered an asset like gold.
But I'm puzzled that crypto prices are correlated to the Nasdaq. The reason Facebook and Alphabet are falling is because historically rising interest rates hurt advertising revenue. But what on earth has that got to do with crypto?! It's a curse that crypto has been designated as "tech" by specurators, when it's digital cash/gold.
I think it is more the risk off trade more than anything else.
When there is uncertainty, we see people going to safer assets. This means high flying tech gets whacked, and so does crypto.
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