While the crypto and stock markets both remain bearish, Bitcoins correlation with stocks is close to its lowest point this year. The 40-day correlation between the largest cryptocurrency and the Nasdaq 100 index is now below 0.50, according to Bloomberg data.

Bitcoin is trading for $20,712 at the time of writing, a 2.5% increase in the past 24 hours according to CoinMarketCap. In contrast, U.S. stocks were hit hard on Thursday as investors worry about the Federal Reserve continuing to hike interest rates. And it isnt just the tech-heavy Nasdaq: global equities markets also took a beating on Thursdayalong with oilas more investors move towards holding onto their greenbacks.

Correlation with the Nasdaq is measured on a -1 to 1 scale: -1 means the prices always move in opposite directions; 1 means they move together. Today, Bitcoin is at its lowest correlation with the Nasdaq since early January.

This is a very different story from as recently as April, when its 30-day correlation with the Nasdaq was at its highest level in over a year.

The correlation is still positive, which means that Bitcoin and tech stocks still move in similar directions. But if the correlation continues to weaken, it might be taken as a sign crypto has seen the bottom and is ready to rebound.

For most of the pandemic, Bitcoin has moved in the same direction as stocks. Right now it is down nearly 70% from its all-time high last November near $69,000. This is largely because crypto is seen as a risky asset by many big investors, and we are in a risk-off environment as sky-high inflation hits virtually every country on the planet. Political uncertainty with Russias war in Ukraine and supply chain chaos from China make a recession seemingly imminent.

Since 2020, Bitcoin had been going more mainstream than ever as major companies like MicroStrategy and Tesla added it to their balance sheets and even previous Wall Street skeptics changed their tune, leading Bitcoin to perform like a tech stock. Until it crashed in May.

Could the crypto rebound be in full swing?

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Bitcoin Up, Stocks Down as BTC Correlation to Nasdaq Weakens - Decrypt

Last month, it was reported that the co-founder of Ripple, Jed McCaleb was close to emptying his xrp wallet that held 81 million tokens worth $26 million. Following a transaction that saw 3,898,451 xrp transferred out of the address, McCalebs wallet is now close to being empty as theres only 47.6912 xrp worth $17 stored in the wallet today.

Onchain data shows the xrp (XRP) wallet called Tacostand, is now close to being empty as the owner, Jed McCaleb, has seemingly transferred his entire stash out of the wallet. McCaleb is well known in the crypto industry for co-founding Ripple and in 2014 he left the company to start the project Stellar in 2014.

However, it was well known that after McCaleb left he held roughly 9 billion XRP and he was allowed to sell or transfer the funds under specific withdrawal conditions.

It is estimated that Jed McCaleb is one of the richest cryptocurrency influencers in the space and in 2018, McCaleb was the 40th wealthiest individual in the world, according to that years Forbes billionaires list.

When McCaleb was nearing the end of his XRP stash at the end of June with 81 million left in the wallet, he tweeted about being almost there with a taco emoji and a photo of a restaurant called the Taco Stand. At that time, the 81 million XRP tokens were worth $26 million. Following the Ripple co-founders tweet on June 29, the wallet saw a number of large XRP transfers.

On that day, McCaleb moved 7,335,966 XRP worth $2.69 million out of the wallet and the following day, McCaleb took out another 7,335,966 XRP. The last transaction recorded was on July 18, 2022, as 3,898,451 XRP worth $1.42 million was removed from the notorious Tacostand wallet.

XRP has been trading for prices between $0.343 to $0.367 per token on July 18 and it is the seventh largest crypto market cap today. While XRP is up 14.1% during the past month, year-to-date metrics show XRP is down 37.1% against the U.S. dollar. Statistics show theres a circulating XRP supply of around 48,343,101,197, which means McCalebs stash of 9 billion tokens represented 18.61% of XRPs circulating supply.

What do you think about the Ripple co-founder Jed McCaleb draining his infamous wallet called Tacostand? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Jed McCaleb's 'Tacostand' XRP Wallet Is Near Empty, After the Ripple Co-Founder Transferred 9 Billion XRP Over the Years Altcoins Bitcoin News -...

This is an opinion editorial by Interstellar Bitcoin, a contributor to Bitcoin Magazine.

Whether we like it or not, Bitcoiners still live in a world built on fiat currency. Fiat rules everything around us, from the food we eat to the houses we live in. Until we burn the ships, we are not prepared to realize our eventual victory.

In 1519, Hernn Corts led a Spanish army to modern-day Mexico to conquer the Aztec Empire. Upon landfall, two leaders mutinied to return to Cuba at the order of the governor who had commissioned the fleet Corts led. In response, Corts scuttled his fleet to forestall any future mutiny by closing the sole path of retreat.

Against all odds, Corts went on to defeat an opposing force of over 300,000 Aztecs, a few thousand Spaniards, superior military technology, an unforeseen smallpox outbreak, and shrewd political alliances ultimately prevailed.

Many of those on the expedition had never seen combat before, including Corts himself. Historians will point to August 13, 1521, as the final victory of the Spanish campaign against the Aztec Empire. However, Corts truly won the moment he burned the ships.

At its core, the metaphor of burning the ships represents the point of no return: the psychological commitment to crossing a line in the sand once and for all. Beyond this event horizon, there can be no hedging or looking over ones shoulder. From now on, everything all thoughts and efforts must be focused on succeeding in the new reality.

Like Corts, Bitcoiners have crossed the Atlantic to the promised land. However, while Bitcoiners still use fiat money, we will not be truly free. Until we burn the ships, we will not win.

Bitcoiners are the remnant. We lead by example. We must show the world we are not afraid to live on a bitcoin standard. We must use bitcoin not just as our store of value but as the unit of account and medium of exchange for our daily lives.

We must strive for peace and prosperity, by building circular bitcoin economies that remain resilient against the volatility of the fiat exchange rate. We must keep studying to build the knowledge and intellectual depth upon which rigorous discourse can thrive. We must build large stacks upon which generational wealth is built. In the end, only the strong survive.

There is a nascent movement in the Bitcoin cultural sphere known as #GetOnZero which polarizes many people. This movement represents burning the ships. This state change is both functional and psychological. It drives companies to build better products for Bitcoiners. It drives Bitcoiners to harden our resolve as Bitcoiners. It shows we are willing to go down with the ship. It proves we are fearless in the face of insurmountable odds.

Give me Bitcoin or give me death.

The critics will say its too early or point to statistics in an attempt to rationalize why holding some fiat currency is better. While such notions may seem correct on paper, in practice, until Bitcoiners take that grand leap of faith, we are not prepared to do what it takes to win. Until we are ready to completely let go of fiat currency, it will continue to culturally and functionally survive. Bitcoiners, like Corts, must embrace burning the ships. Once we do, the process of hyperbitcoinization already underway will rapidly accelerate.

The moment Bitcoiners burn the ships is the moment Bitcoiners win.

This is a guest post by Interstellar Bitcoin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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For Bitcoin To Win, We Must Burn The Ships - Bitcoin Magazine

The total crypto market capitalization has fluctuated in a 17% range in the $840 billion to $980 billion zone for the past 28 days. The price movement is relatively tight considering the extreme uncertainties surrounding the recent market sell-off catalysts and the controversy surrounding Three Arrows Capital.

From July 4 to 11, Bitcoin (BTC) gained a modest 1.8% while Ether (ETH) price stood flat. More importantly, the total crypto market is down 50% in just three months, which means traders are giving higher odds of the descending triangle formation breaking below its $840 billion support.

Regulation uncertainties continue to weigh down investor sentiment after the European Central Bank (ECB) released a report concluding that a lack of regulatory oversight added to the recent downfall of algorithmic stablecoins. As a result, the ECB recommended supervisory and regulatory measures to contain the potential impact of stablecoins in European countries' financial systems.

On July 5, Jon Cunliffe, the deputy governor for financial stability at the Bank of England (BoE) recommended a set of regulations to tackle the cryptocurrency ecosystem risks. Cunliffe called for a regulatory framework similar to traditional finance to shelter investors from unrecoverable losses.

The bearish sentiment from late June dissipated according to the Fear and Greed Index, a data-driven sentiment gauge. The indicator reached a record low of 6/100 on June 19 but improved to 22/100 on July 11 as investors began to build the confidence in a market cycle bottom.

Below are the winners and losers from the past seven days. Notice that a handful of mid-capitalization altcoins rallied 13% or higher even though the total market capitalization increased by 2%.

Aave (AAVE) gained 20% as the lending protocol announced plans to launch an algorithmic stablecoin, a proposal that is subject to the community's decentralized autonomous organization.

Polygon (MATIC) rallied 18% after projects formerly running in the Terra (LUNA) now called Terra Classic (LUNC) ecosystem started to migrate over to Polygon.

Chiliz (CHZ) hiked 6% after the Socios.com app announced community-related features to boost user engagement and integration with third-party approved developers.

The OKX Tether (USDT) premium measures the difference between China-based peer-to-peer trades and the official U.S. dollar currency. Excessive cryptocurrency retail demand pressures the indicator above fair value at 100%. On the other hand, bearish markets likely flood Tether's (USDT) market offer, causing a 4% or higher discount.

Tether has been trading at a 1% or higher discount in Asian peer-to-peer markets since July 4. The indicator failed to display a sentiment improvement on July 8 as the total crypto market capitalization flirted with $980 billion, the highest level in 24 days.

To confirm whether the lack of excitement is confined to the stablecoin flow, one should analyze futures markets. Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances.

A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.

Related: Analysts say Bitcoin range consolidation is most likely until a macro catalyst emerges

Perpetual contracts reflected a neutral sentiment as Bitcoin, Ethereumand Ripple (XRP) displayed mixed funding rates. Some exchanges presented a slightly negative (bearish) funding rate, but it is far from punitive. The only exception was Polkadot's (DOT) negative 0.35% weekly rate (equal to 1.5% per month), but this is not especially concerning for most traders.

Considering the lack of buying appetite from Asia-based retail markets and the absence of leveraged futures demand, traders can conclude that the market is not comfortable betting that the $840 billion total market cap support level will hold.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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3 key metrics suggest Bitcoin and the wider crypto market have further to fall - Cointelegraph

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffetts right-hand man, has a message for investors considering cryptocurrency. Never touch it, he stressed, adding that everyone should follow his example and avoid crypto as if it were an open sewer, full of malicious organisms.

Charlie Munger, Warren Buffetts right-hand man and longtime business partner, threw more insults at cryptocurrency in an interview with The Australian Financial Review, published Tuesday. Munger previously called bitcoin rat poison and said last year that he hated the success of BTC.

Noting that the crypto craze is a mass folly, he told the publication:

I think anybody that sells this stuff is either delusional or evil. I wont touch the crypto.

The Berkshire executive continued: Im not interested in undermining the national currencies of the world.

Munger was then asked what advice he would give to other investors who may be considering investing in cryptocurrency. Total avoidance is the correct policy, he replied, adding:

Never touch it. Never buy it. Let it pass by.

Like Buffett, Munger believes that stocks of real cash-generating companies are better investments. Stocks have a real interest in real businesses, he stressed.

In contrast, Crypto is an investment in nothing, and the guy whos trying to sell you an investment in nothing says, I have a special kind of nothing thats difficult to make more of,' he described.

Munger emphasized: I dont want to buy a piece of nothing, even if somebody tells me they cant make more of it I regard it as almost insane to buy this stuff or to trade in it. He elaborated:

I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example.

Munger has never been a fan of bitcoin or any other cryptocurrencies. In February, he said that the government should ban BTC, calling it a venereal disease. He has praised China several times in the past for banning crypto, stating that he wished cryptocurrency has never been invented. In May last year, he said that bitcoin was disgusting and contrary to the interest of civilization.

In May, Munger said: I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else and bitcoin does all three. He added, Its stupid because its still likely to go to zero.

What do you think about the comments by Berkshire Hathaway Vice Chair Charlie Munger on crypto? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Charlie Munger: Everybody Should Avoid Crypto 'as if It Were an Open Sewer, Full of Malicious Organisms' Featured Bitcoin News - Bitcoin News