This research delves into the intricate relationship between cryptocurrencies and systemic risk within the framework of global financial markets. Utilizing a comprehensive dataset that amalgamates relevant indices from the cryptocurrency market along with global equity indexes from Europe, the United States, and China, the study employs a VAR for VaR model. This approach allows for the computation of spillover effects at different risk quantiles, offering insights into both downside and upside risk scenarios. The analysis underscores the notable spillover between cryptocurrency and traditional financial markets, revealing a complex interplay of risk factors that are not confined to geographical or asset-class boundaries. Our findings suggest that these interconnections could have far-reaching implications for global financial stability, regulatory policies, and risk management practices. By shedding light on these underexplored dimensions of financial markets, this study contributes to a deeper understanding of the systemic risks introduced by the growing prominence of cryptocurrencies.