Why did the cryptocurrency market suffer due to the war?

Geopolitical conflicts are like throwing a bomb into the market, causing funds to rush into gold and oil (gold prices soared to $3,430, oil prices jumped by 6%). And what about the cryptocurrency market? It was supposed to be the 'digital gold,' but instead, it plummeted along with the U.S. stock market. To put it simply, large funds now only trust 'real safe-havens' and do not believe that altcoins can withstand risks. Additionally, the market was previously highly leveraged (BTC's open contracts rose by 18% in a week), and the big players took advantage of the news to crash the market and harvest profits, leaving the retail investors with no chance to escape.