We shouldn't forget, that the low interests and quantitative easing - aka printing money out of thin air is what pumped both markets and many other markets outside of the US. i would even say that the last 10 years probably blown up a bubble of epic sizes world wide, maybe the biggest we ever seen.

What we are seeing right now in the US, are the first signs of inflation. And it is frankly amazing it took so long for it to show.
That is obviously why the fed announced a change of policy and that is what started to rattle the markets.

I agree that the S&P 500 companies brought real value, i say that bitcoin brought value as well, the latest correction of both the stock markets and crypto almost simultaneously has showed that for the time being crypto is not considered a hedge for stock markets as lets say gold is - the interesting part though is that gold is also not exactly rallying , (could it be overvalued as well?)

The are two major questions here,

1. is this just an over played simple correction?
2. is this the beginning of a re-pricing of the markets once cheap money will no longer be available ?

if we are indeed about to see the pop of the stock bubble as it was building up over the last 10 years , will bitcoin eventually take the position of a hedge or not, once more and more people loose faith in the already seriously frowned upon financial system ever since the 2008 crash?

And what will the global economy do to recover from this, as their arsenal of tools is pretty much depleted following yet again the 2008 crash.