Does stock market rules apply to Crypto markets?
Many of the articles explaining crypto currency claim the normal rules of the stock market don’t apply so how would you explain what currently looks like a bear market?

Stock markets, in theory, reflect the perceived performance and value of the underlying asset against which the shareholder holds an equity stake.

Crypto has no link with a underlying asset. BUT it may behave like resources that are perceived to have a variable market value - like diamonds. Then it’s down to demand, supply, elasticity and algos!