This happens because when one asset drop in price, leveraged investors (i.e. those who borrowed to buy) may get "margin calls" from their lenders. This means that the total value of their portfolio (when including the loan) is in danger of going negative, and they may need to sell everything.
Bitcoin is probably lot less safe heaven than most people invested in it think.
I actually haven't thought about it in terms of presidential candidate selection. But to engage in conjecture, I'd very uncontroversially say that it's precisely split down party lines - if you're going to vote Democrat then you're going to thing the Republicans are more likely to make recession worse, and vice versa.
Personally, I think parties and politicians are somewhat leaves on the stream of momentum and world events. They may have some control of variations in speed and direction, but nowhere near what they're blamed / given credit for.
This recession is a predictable outcome of the global shake up caused by COVID, and particularly the money printing / incentive cheques, which was a political decision. But not doing it could have had a worse result, who knows?
Japan's situation, Ukraine, and now Israel and Iran, those destabilising forces are going to do more to world economics than any individual politician or country (although the US's influence is outsized).