Nansen analyst Aurelie Barthere estimates a 40% chance of a recession this year, and Bitfinex analysts say bitcoin can act as a "safe haven asset" during a recession, and while the overall cryptocurrency market could be affected, the broader crypto market, and counterfeit products in particular, could be affected by a decline in liquidity and risk appetite. Investors may become more risk-averse, moving money away from riskier assets like smaller cryptocurrencies into safer investments.