To solve the problem, we need to find $\frac{dy}{dx}$ given $x = \sqrt{2^{\csc^{-1} t}}$ and $y = \sqrt{2^{\sec^{-1} t}}$ where $|t| \geq 1$.
Start with the expression for $x$:
$$x = \sqrt{2^{\csc^{-1} t}}$$.
By expressing $\csc^{-1}$ in terms of $t$, we have:
$$\csc^{-1} t = \theta \Rightarrow \csc \theta = t \Rightarrow \sin \theta = \frac{1}{t}$$.
Hence, $x = (2^{\theta/2})$.
Now, for $y$:
$$y = \sqrt{2^{\sec^{-1} t}}$$.
Expressing $\sec^{-1}$ in terms of $t$, we have:
$$\sec^{-1} t = \phi \Rightarrow \sec \phi = t \Rightarrow \cos \phi = \frac{1}{t}$$.
Hence, $y = (2^{\phi/2})$.
Notice that:
$$\theta = \csc^{-1} t \text{ and } \phi = \sec^{-1} t$$ are inverse trigonometric functions related to angle representations.
Observing the derivatives of these:
$$\frac{d}{dt}(\csc^{-1} t) = -\frac{1}{|t|\sqrt{t^2 - 1}}$$ and
$$\frac{d}{dt}(\sec^{-1} t) = \frac{1}{|t|\sqrt{t^2 - 1}}$$.
The expressions for $x$ and $y$ become:
$$ x = 2^{\theta/2} $$ and $$ y = 2^{\phi/2} $$.
Given the relation:
$$\theta = \csc^{-1} t$$ and $$\phi = \sec^{-1} t$$,
differentiate both to find $\frac{dx}{dt}$ and $\frac{dy}{dt}$.
From the derivatives found in earlier steps,
$$\frac{dx}{dt} = \frac{-\ln 2 \times 2^{\theta/2}}{2|t|\sqrt{t^2 - 1}}$$ and
$$\frac{dy}{dt} = \frac{\ln 2 \times 2^{\phi/2}}{2|t|\sqrt{t^2 - 1}}$$.
Since $\frac{dy}{dx} = \frac{\frac{dy}{dt}}{\frac{dx}{dt}}$, substitute the derivatives:
$$\frac{dy}{dx} = \frac{\frac{\ln 2 \times 2^{\phi/2}}{2|t|\sqrt{t^2 - 1}}}{\frac{-\ln 2 \times 2^{\theta/2}}{2|t|\sqrt{t^2 - 1}}}$$.
Simplifying, we get:
$$\frac{dy}{dx} = - \frac{2^{\phi/2}}{2^{\theta/2}} = - \frac{y}{x}$$.
Therefore, the value of $\frac{dy}{dx}$ is $ - \frac{y}{x}$, confirming the correct answer choice as specified.