Don't think this implies causation, at least at the moment. We have seen the market cap shoot up like this many times in the past month, only to fall down and hit lower lows. So while it's possible the stock market crash had some effect on the market cap, it definitely remains to be seen.
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But we have not seen the VIX go up like this, since 2011. That's 7 years. Pretty incredible spike today
Hmmm... thanks for pointing all this out! I don't follow the stock market so it's good to hear of the trends....