I believe that all markets are connected to some extent.
We saw what happened with US equities over the past few days. was very low (reflected in VIX ) . Many were profiting from XIV the inverse . When one side of a trade gets too crowded then opportunity presents on the other side.
The Dow DJI bounced at a logical place, but now we have increased so we can expect more large moves in the next few days.
Sometimes when traders are using margin they are forced to liquidate their other holdings to cover the margin calls. This is how other markets are affected. Gold and Silver did not react. Equities in most of the world dipped and retraced Bonds (10 year note TY ) already retraced from its 30 year long . The dollar index already is working out of its downtrend. NEO is up 60%. and other crytpos up by 20 to 40 %
I will continue to wait for this to play out. We may have our answer in 2 days.