Well it of course doesn't corellate S&P 500 1:1, so it provides some diversification (same as everything else).
Gold has been down over the past week as well, it is normal for all instruments to move together at times of uncertainty (and when many folks are getting margin called).
Having a Coinbase account with funds on it is not holding crypto-currency. Everyone who knows anything has been saying since before Coinbase was around "not your keys, not your coins." If you use an uninsured bank as your vector for understanding the benefits of cryptocurrency you're bound to stay confused and continue making non-arguments dependent on poor price performance of the asset you irrationally despise because despite your technical background you still missed out on it.
