There is definitely a correlation while other factors like the entire tech sector making a correction, btc needing a breather after hitting 58k and Janet Yellen spewing negative remarks all working in tangent fortifying the recent event.

Having such extremely highly leveraged markets btc/crypto seem to go in both directions in a far from orderly manner. With the advent of 100x leverage, I constantly wonder how many times traders can get their entire position wiped out before they stop recklessly going for broke and getting recked, and perhaps the answer is never when you consider all of the casinos that have popped up through the years yet hardly putting a dent in the popularity of Las Vegas.

With keeping an eye on the aggressively rising bond market it's best to be said that trouble is a brewing and there will likely be some radically strong changes coming to the future of the market in general.