I'd also have thought it would be independent of market swings, but it makes sense. Bitcoin sets the value of the rest of the crypto market, most people I know who do crypto treat it as a speculative investment, except for miners of course.BTC almost always takes a dive after other commodities do. It's completely irrational. Maybe someone who tracks the correlation here more closely has an opinion on it, but it does seem to react more rationally in the middle and long terms even with short-term peaks and valleys of absurd volatility.
Also to the extent something like coronavirus even has an effect on crypto I think it would be more pronounced for BTC, specifically, because most of the big farms are in China. In theory there should be no effect at all as these are very sparsely manned.