The correlation between bitcoin and the S&P 500 index reaches its highest, and BCH falls by 50% in relation to Bitcoin

Jason Calakanis: 99% of crypto projects are garbage

Venture investor Jason Calakanis says most cryptocurrencies have no validity, but 1% of them can change the world.

“Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters… the 1% that are not, could change the world,” Calakanis wrote on Twitter.

Earlier, a similar position was expressed by the Ripple CEO Brad Garlinghouse. In his opinion, the price of 99% of cryptocurrencies will drop to zero, and only those that have real use will survive.

Calakanis is known for becoming the first Uber investor and for having made a fortune during the 2000 dotcom bubble.

Bitcoin Cash falls 50% in relation to Bitcoin

BCH continues to lose ground in comparison with Bitcoin — since the beginning of the year, cryptocurrency has dropped by 50%.

In February, Bitcoin Cash was trading at 0.048 BTC mark, and now its rate has dropped to 0.024 BTC, which is close to a historic low. Bitcoin Cash is a fork of Bitcoin that split off from the main network in August 2017. At that time, the exchange rate of BCH/BTC reached 0.5 on some exchanges.

The decrease in the value of BCH is attributed, among other things, to a decrease in its hash rate — after the April halving, the indicator fell 3.6 times compared to February levels.

The correlation between Bitcoin and the S&P 500 index reaches its highest

The relationship between the Bitcoin price and the S&P 500 continues to strengthen.

According to the Skew portal, the 30-day correlation reached 43%, which is this year’s maximum.

Standpoint Research founder Ronnie Moas wrote that the prices of both assets had moved almost identically last week. Over the past 18 days, both Bitcoin and the S&P 500 have fallen in price by 10%, the analyst said.

The S&P 500 index is calculated based on indicators of the 505 largest US companies by capitalization, the shares of which are traded on exchanges.