What happened to cryptocurrencies during all the market turmoil?

For years crypto traders and investors have said that in times of financial turmoil crypto assets would rise and prove that the financial system is inferior to digital assets. Some analysts have suggested in the past that if the regular financial system crashes then the flow of money could move into digital assets and push prices. Over the past three weeks, stock markets have really taken a turn for the worse. Risk sentiment is at very low levels and the Dow Jones index suffered its biggest fall since the infamous “Black Monday” crash. You would think that if Bitcoin and the other crypto majors would benefit if the stock market dropped as the digital assets could offer some protection or just another place to store money.

The chart above shows that all the major asset classes are falling apart from the USD (not in the graph). Stocks, gold and bond prices all fell today. This indicates that the market is fully moving over to cash. Some market participants…