Bitcoin Has Obliterated the Top Dow, Nasdaq, & S&P 500 Stocks in 2019

By CCN: Gaining an eye-popping 135%, bitcoin has smoked even the most impressive U.S. stocks this year. Even if you take the top performers from the Dow Jones Industrial Average, S&P 500, and Nasdaq – which are Cisco Systems (CSCO), Xerox (XRX), and Beyond Meat (BYND), respectively – they can’t touch BTC/USD for returns. Here are the charts to prove it.

Dow’s Best Stock Can’t Touch Bitcoin in 2019

Cisco Systems vs. Bitcoin Cisco Systems vs. Bitcoin

Dow’s Best vs. Bitcoin | Source: Yahoo Finance

Cisco Systems has benefitted from a restructuring spearheaded by CEO Chuck Robbins and so far has shrugged off any threats from Trump’s trade war with China. Some analysts are now anticipating that Cisco Systems might see some upside from rival Huawei’s major political problems. No matter how good things have been for the Dow’s best-performing member this year, bitcoin has still left it in the dust by more than 100% YTD.

Best Nasdaq IPO Since 2000 Is No Match for BTC

Beyond Meat stock chart Beyond Meat stock chart

Even the best IPO since 2000 can’t match BTC/USD | Source: Yahoo Finance

Beyond Meat’s recent IPO was extremely impressive, posting the best offering for nearly two decades. As the only vegan play in town, this Nasdaq-listed burger maker demonstrated it could raise cash with the best of them. Unfortunately, like the Dow, the Nasdaq’s finest was no match for bitcoin (BTC/USD). It is worth noting that the IPO price for BYND was $25, so technically it is up 230%. But given it was almost impossible for retail investors to secure this price, Yahoo considers the opening price to be around $60.

S&P 500’s Xerox Posts Impressive 60%+ Returns

Xerox (XRX) BitcoinXerox (XRX) Bitcoin

S&P 500’s Xerox beats the Dow’s stocks comfortably | Yahoo Finance

Xerox has been a wonderful investment in 2019. The company expects earnings per share of $3.95 and has offered more than 60% in gains to investors. The S&P 500 has a large range of companies, and to come out on top is no small feat. Even some recent losses have done little to dent the vibrant performance. Outstripping the Dow and Nasdaq’s best, there is still no comparison with bitcoin, which boasts a nearly 80% lead on XRX.

Binance Coin (BNB) Humbles Buoyant Bitcoin

Binance BNB BitcoinBinance BNB Bitcoin

Bitcoin is not 2019’s top crypto | Source: Yahoo Finance

Don’t assume just because bitcoin is annihilating established performers that it is the best crypto in 2019. In fact, despite recent security issues, Binance’s native cryptocurrency BNB is up a staggering 450% – an astounding rate of return by any metric.

Dow, S&P, and Nasdaq Indices Flatline Relative to Top Cryptocurrencies

When you look at the Dow’s performance relative to major U.S. indices, the correlation is readily apparent. Bitcoin, on the other hand, continues to detach itself from these more established lines of investment. A growing diversification argument is, therefore, in motion. With plenty of room for institutional investment, increased inflows to BTC/USD seem likely while the positive crypto environment persists.

Litecoin Metrics & Price Are Strengthening but Is It Too Much, Too Fast?

By CCN: As the bitcoin price barrels toward $9,000, the cryptocurrency community is riding high. Litecoin Creator Charlie Lee is among them, retweeting a meme from 2017 when the bitcoin price was nearing the $9K level for the first time ever. Now that bitcoin’s seemingly on its way back and beyond, other cryptocurrencies are also enjoying a bull run – including Lee’s Litecoin.

LTC has added nearly 13% in the last 24 hours alone, bolstering the per-coin price to $115 on trading volume of roughly $7 billion. Litecoin Foundation Director Franklyn Richards recently evaluated some of the network fundamentals, suggesting that while the metrics have strengthened alongside the bull market, a pullback could be up ahead. He even used the dread “b” word – bubble. Let’s take a look at the findings.

The Litecoin network has experienced a resurgence in user interest this month after “on-chain metrics began flatlining” earlier in the year, according to Richards citing BitInfoCharts data. He characterized the “network interest” in the platform as a “delayed response” to the performance in the LTC price. After all, in the first four months of the year alone, the Litecoin price more than doubled.

But now things are beginning to click on all cylinders, possibly even too well for Litecoin. Based on BitInfoCharts data, “Litecoin sent in USD” surpassed $1.6 billion in mid-May. It is currently hovering in a more comfortable range of roughly $500 million.

Litecoin sent in USDLitecoin sent in USD

| Source: BitInfoCharts

As Richards points out:

“These numbers still pale in comparison to the initial 2017 runup in price where values regularly exceeded $2Bn and hit an eye-watering $12Bn daily at the highs.”

Litecoin Is the Master Marketer

Litecoin has been heavily promoting the brand at major events and has won over celebrity personalities such as UFC Fighter Ben Askren, among others. They are angling for inclusion in the latest Spedn app that supports cryptocurrency purchases at major retailers, which would bolster LTC’s use cases as a currency.

Incidentally, Litecoin’s average transaction value is a lot higher than for microtransactions. It’s gone from approximately $7,000 to roughly $20,000, having peaked at $47,000. That’s a lot of Starbucks. According to Richards in the post:

“Such sizeable transactions indicate the network is still primarily being used by affluent individuals to avoid traditional monetary transfer fees or as a speculative asset in which to invest. Not that this is necessarily bad, however, it runs contrary to the idea of these networks being used by the everyman for smaller daily payment”

Another bullish sign is the number of active addresses reaching 80,000, which incidentally could be misleading depending on the number of addresses a user has. The number of daily transactions, however, is on the rise, going from 20,000 to 27,000. All good news.

“B” Word

Now here’s the rub. Richards warns that while the “metrics appear to have jumped with this latest recent monster rally up in market price,” it’s been disproportionate. He said:

“Price has by far and away ran away from any on-chain metrics, meaning while this growth is positive it is not currently sustainable and we could see a pullback. Otherwise, we may risk finding ourselves in another bubble scenario sooner than we realize.”

Charlie Lee has previously stated that during the late 2017 bull run, he thought the price was headed to $1,000, which never materialized. Meanwhile, as long as bitcoin remains in this bullish pattern, it’s hard to imagine the silver to BTC’s gold giving up ground any time soon.

Bitcoin Has Obliterated the Top Dow, Nasdaq, & S&P 500 Stocks in 2019

By CCN: Gaining an eye-popping 135%, bitcoin has smoked even the most impressive U.S. stocks this year. Even if you take the top performers from the Dow Jones Industrial Average, S&P 500, and Nasdaq – which are Cisco Systems (CSCO), Xerox (XRX), and Beyond Meat (BYND), respectively – they can’t touch BTC/USD for returns. Here are the charts to prove it.

Dow’s Best Stock Can’t Touch Bitcoin in 2019

Cisco Systems vs. Bitcoin Cisco Systems vs. Bitcoin

Dow’s Best vs. Bitcoin | Source: Yahoo Finance

Cisco Systems has benefitted from a restructuring spearheaded by CEO Chuck Robbins and so far has shrugged off any threats from Trump’s trade war with China. Some analysts are now anticipating that Cisco Systems might see some upside from rival Huawei’s major political problems. No matter how good things have been for the Dow’s best-performing member this year, bitcoin has still left it in the dust by more than 100% YTD.

Best Nasdaq IPO Since 2000 Is No Match for BTC

Beyond Meat stock chart Beyond Meat stock chart

Even the best IPO since 2000 can’t match BTC/USD | Source: Yahoo Finance

Beyond Meat’s recent IPO was extremely impressive, posting the best offering for nearly two decades. As the only vegan play in town, this Nasdaq-listed burger maker demonstrated it could raise cash with the best of them. Unfortunately, like the Dow, the Nasdaq’s finest was no match for bitcoin (BTC/USD). It is worth noting that the IPO price for BYND was $25, so technically it is up 230%. But given it was almost impossible for retail investors to secure this price, Yahoo considers the opening price to be around $60.

S&P 500’s Xerox Posts Impressive 60%+ Returns

Xerox (XRX) BitcoinXerox (XRX) Bitcoin

S&P 500’s Xerox beats the Dow’s stocks comfortably | Yahoo Finance

Xerox has been a wonderful investment in 2019. The company expects earnings per share of $3.95 and has offered more than 60% in gains to investors. The S&P 500 has a large range of companies, and to come out on top is no small feat. Even some recent losses have done little to dent the vibrant performance. Outstripping the Dow and Nasdaq’s best, there is still no comparison with bitcoin, which boasts a nearly 80% lead on XRX.

Binance Coin (BNB) Humbles Buoyant Bitcoin

Binance BNB BitcoinBinance BNB Bitcoin

Bitcoin is not 2019’s top crypto | Source: Yahoo Finance

Don’t assume just because bitcoin is annihilating established performers that it is the best crypto in 2019. In fact, despite recent security issues, Binance’s native cryptocurrency BNB is up a staggering 450% – an astounding rate of return by any metric.

Dow, S&P, and Nasdaq Indices Flatline Relative to Top Cryptocurrencies

When you look at the Dow’s performance relative to major U.S. indices, the correlation is readily apparent. Bitcoin, on the other hand, continues to detach itself from these more established lines of investment. A growing diversification argument is, therefore, in motion. With plenty of room for institutional investment, increased inflows to BTC/USD seem likely while the positive crypto environment persists.

Bitcoin Price Skyrockets to All-Time High in Argentina Dwarfing 2017 Rally

By CCN: The bitcoin price surged overnight within touching distance of $9,000, carving out a new 2019 high. In just minutes, the bitcoin market cap pushed beyond $150 billion for the first time since May 11th, 2018.

But Monday’s price explosion is even more impressive in Argentina. As CCN reported earlier this month, BTC blew past its all-time high against the Argentine peso in the latest rally. As hyper-inflation devalues the Latin American currency, bitcoin is now in uncharted territory.

BTC ARS price chartBTC ARS price chart

BTC roars past its all-time against the Argentine peso as inflation ravages the Latin American nation’s economy. Source: XE.com

It confirms bitcoin’s narrative as a hedge against inflationary currencies. And it strengthens bitcoin’s case as a store of value. Even with 80 percent swings, bitcoin has held its value better than a major country’s currency. 

BTC record high against Argentine peso

Thanks to last night’s price rise, bitcoin cruised towards 400,000 Argentine pesos (ARS). The move was preceded by huge volume in bitcoin transactions from the South American nation. In recent weeks, BTC transaction volumes hit almost $14 million weekly through LocalBitcoins.com, a peer-to-peer bitcoin exchange.

BTC transaction volume chart in ArgentinaBTC transaction volume chart in Argentina

Bitcoin transaction volume has risen consistently in Argentina as inflation poses a threat to local currency. Source: CoinDance/LocalBitcoins

Argentina is not the only country to experience this phenomenon. Bitcoin plots a similar chart in Sudanese pounds. As CCN previously reported:

“Even if you bought the top of 2017’s bitcoin bubble in Argentine pesos, you’d be in profit right now. As for the Sudanese pound, if you bought the crypto top, you’d have doubled your money today.”

The 2017 bitcoin bubble looks very different in Argentina

For many of us in the crypto space, the BTC/USD chart is etched into our brains. The wild 2017 run-up and 2018 crash is burned into our memory. But the chart looks refreshingly different when priced in ARS. The infamous “bitcoin bubble” looks like any other price peak.

Of course, this is less about bitcoin’s rise and everything to do with the peso’s collapse.

But it helps prove bitcoin’s case as a store of value. In developing nations with unstable economies, BTC is less volatile than local fiat currencies. We saw the same flight to crypto when Venezuela’s economy crumbled under hyperinflation.

Bitcoin thrives when inflation ravages fiat currency

Inflation surged 50 percent in Argentina last year. That figure is expected to climb another 36 percent in 2019. As the tweet below explains, the Argentine peso lost 83 percent of its value against the dollar in the past year.

To local communities, it has the effect of devaluing the money in their bank and forcing prices sky high.

In an attempt to store value, citizens of Argentina and other inflation-torn countries like Venezuela are turning to cryptocurrency to preserve their wealth. The “anti-inflationary” narrative of bitcoin has been touted for years. We’re finally seeing it play out in real time. As one Twitter user pointed out:

“If an Argentinian had bought Bitcoin at the highest point of the “biggest bubble in history”, in 2017, he would have been better off than leaving his money in  his Argentinian bank account. So tell me again how Bitcoin is a horrible store of value.”

Dow Slump Inevitable in Dreading a Bitterly Long US-China Trade War

By CCN: Following the imposition of additional tariffs by the U.S. and China, the Dow Jones has declined slightly from 26,592 points to 25,585 points, by less than 4 percent in the past month.

Dow Jones has performed well but that’s an illusion: local analyst

The Dow Jones and the rest of the U.S. equities market have performed quite strongly in recent weeks considering the intensifying dispute between the U.S. and China caused by the fallout of the latest round of trade talks.

In the past several days, reports have suggested that the Dow Jones is demonstrating stability based on renewed hopes on a trade deal. On May 23, Reuters reported that President Donald Trump said that trade talks are happening fast.

The Dow Jones has slightly dropped in the past monthThe Dow Jones has slightly dropped in the past month

The Dow Jones has slightly dropped in the past month but has performed relatively well considering the circumstances (source: Yahoo Finance)

“It’s happening, it’s happening fast and I think things probably are going to happen with China fast because I cannot imagine that they can be thrilled with thousands of companies leaving their shores for other places,” President Trump said at the White House.

However, according to Hu Xijin, the editor-in-chief of Chinese and English editions of the Global Times, the expectation of a trade deal in the near-term is an illusion and that the trade war is likely to last a long time.

“President Trump on Thursday predicted a swift end to China-US trade war. This kind of confidence believing that the US can quickly press China to submit is the biggest obstacle to reaching a deal. The trade war may last for a long time. I think people better not hold illusion,” Xijin said.

Echoing the sentiment of Friedrich Wu, a professor at Nanyang Technological University in Singapore who said that the deal is simply not attractive to the domestic audience, Xijin further emphasized that an increasing portion of China’s population are not supportive of the intent of the U.S.

The analyst noted that the domestic audience sees the motive of the U.S. is to slow down the economic development of China.

He said:

More and more Chinese now believe the US wants to sabotage China’s economic development, not so-called fair trade with China. Huawei issue has greatly strengthened such an understanding among Chinese. Are we misreading US intentions? The US side should explain it seriously.

As CCN previously reported, speaking to Steve Hilton on The Next Revolution hosted by Fox News on May 20, President Trump said that the U.S. won’t let China catch the U.S. and evolve into a global superpower.

“They were catching us. They were going to be bigger than us if Hilary Clinton became President, China would have been a much bigger economy than us by the end of her term. And now, it’s not even going to be close,” President Trump said.

It is possible, as local analysts like Xijin suggested, that China may see an opposing intent from U.S. negotiators and the domestic audience may not be satisfied with the requests of the U.S. for changes in China’s industrial policies.

When could a deal be reached?

Xijin said that he foresees the establishment of a full accord by the second half of 2019 and that it is unlikely to drag onto the next presidential election.

If the trade dispute extends for many months ahead, it will likely cause the growth rate of the global economy to slow down, leaving both the U.S. and China to move towards a deal for stability.

In the near-term, however, local analysts do not foresee a swift deal happening, which could lead to a slump for the Dow Jones which has performed considerably well amidst worsening geopolitical risks.

Bitcoin Has Obliterated the Top Dow, Nasdaq, & S&P 500 Stocks in 2019

By CCN: Gaining an eye-popping 135%, bitcoin has smoked even the most impressive U.S. stocks this year. Even if you take the top performers from the Dow Jones Industrial Average, S&P 500, and Nasdaq – which are Cisco Systems (CSCO), Xerox (XRX), and Beyond Meat (BYND), respectively – they can’t touch BTC/USD for returns. Here are the charts to prove it.

Dow’s Best Stock Can’t Touch Bitcoin in 2019

Cisco Systems vs. Bitcoin Cisco Systems vs. Bitcoin

Dow’s Best vs. Bitcoin | Source: Yahoo Finance

Cisco Systems has benefitted from a restructuring spearheaded by CEO Chuck Robbins and so far has shrugged off any threats from Trump’s trade war with China. Some analysts are now anticipating that Cisco Systems might see some upside from rival Huawei’s major political problems. No matter how good things have been for the Dow’s best-performing member this year, bitcoin has still left it in the dust by more than 100% YTD.

Best Nasdaq IPO Since 2000 Is No Match for BTC

Beyond Meat stock chart Beyond Meat stock chart

Even the best IPO since 2000 can’t match BTC/USD | Source: Yahoo Finance

Beyond Meat’s recent IPO was extremely impressive, posting the best offering for nearly two decades. As the only vegan play in town, this Nasdaq-listed burger maker demonstrated it could raise cash with the best of them. Unfortunately, like the Dow, the Nasdaq’s finest was no match for bitcoin (BTC/USD). It is worth noting that the IPO price for BYND was $25, so technically it is up 230%. But given it was almost impossible for retail investors to secure this price, Yahoo considers the opening price to be around $60.

S&P 500’s Xerox Posts Impressive 60%+ Returns

Xerox (XRX) BitcoinXerox (XRX) Bitcoin

S&P 500’s Xerox beats the Dow’s stocks comfortably | Yahoo Finance

Xerox has been a wonderful investment in 2019. The company expects earnings per share of $3.95 and has offered more than 60% in gains to investors. The S&P 500 has a large range of companies, and to come out on top is no small feat. Even some recent losses have done little to dent the vibrant performance. Outstripping the Dow and Nasdaq’s best, there is still no comparison with bitcoin, which boasts a nearly 80% lead on XRX.

Binance Coin (BNB) Humbles Buoyant Bitcoin

Binance BNB BitcoinBinance BNB Bitcoin

Bitcoin is not 2019’s top crypto | Source: Yahoo Finance

Don’t assume just because bitcoin is annihilating established performers that it is the best crypto in 2019. In fact, despite recent security issues, Binance’s native cryptocurrency BNB is up a staggering 450% – an astounding rate of return by any metric.

Dow, S&P, and Nasdaq Indices Flatline Relative to Top Cryptocurrencies

When you look at the Dow’s performance relative to major U.S. indices, the correlation is readily apparent. Bitcoin, on the other hand, continues to detach itself from these more established lines of investment. A growing diversification argument is, therefore, in motion. With plenty of room for institutional investment, increased inflows to BTC/USD seem likely while the positive crypto environment persists.

Million Dollar Donation To Trumps Inaugural Comes Under Scrutiny

Bellefonte Nuclear Power Plant in Alabama



Bellefonte Nuclear Power Plant in Alabama

WASHINGTON (AP) ― Real estate mogul Franklin Haney contributed $1 million to President Donald Trump’s inaugural committee and all he’s got to show for the money is the glare of a federal investigation.

The contribution from Haney, a prolific political donor, came as he was seeking regulatory approval and financial support from the government for his long-shot bid to acquire the mothballed Bellefonte Nuclear Power Plant in northeastern Alabama. More than two years later, he still hasn’t closed the deal.

His tale is a familiar one in Washington, where lobbyists and wealthy donors use their checkbooks to try to sway politicians. It’s a world Haney is accustomed to operating in and one that Trump came into office pledging to upend. Yet Trump has left in place many of the familiar ways to wield influence.

Haney’s hefty donation to Trump’s inaugural committee is being scrutinized by federal prosecutors in New York who are investigating the committee’s finances. Their probe is focused in part on whether donors received benefits after making contributions.

Trump’s former personal attorney, Michael Cohen, has given prosecutors information regarding Haney, his son and business associate, Frank Haney Jr., and the nuclear plant project, according to a person familiar with what Cohen told the authorities. The person was not authorized to speak publicly and requested anonymity.

Haney had briefly hired Cohen to help obtain money for the Bellefonte project from potential investors, including the Middle Eastern country of Qatar. Cohen is now serving a three-year prison sentence for tax evasion, lying to Congress and campaign finance violations.

Haney and his attorney did not respond to interview requests.

Prosecutors also are examining whether foreigners unlawfully contributed to the committee. Federal prosecutors in Manhattan issued a subpoena last year seeking a wide range of financial records from the committee, including any “communications regarding or relating to the possibility of donations by foreign nationals.”

The inaugural committee has denied wrongdoing and said its funds were fully accounted for.

Haney, 79, has previously faced accusations that his political gift giving is aimed at cultivating influence. An investigation by House Republicans in the late 1990s alleged that Haney’s money and his political pull with senior Clinton administration officials helped him to get the Federal Communications Commission to move into an office building that he had a major stake in. Haney denied any wrongdoing and the Justice Department declined to pursue the matter.

But he was charged in 1999 with funneling about $100,000 in illegal contributions to President Bill Clinton, Vice President Al Gore and other politicians, then acquitted. A federal prosecutor described Haney as a sophisticated fundraiser who hoped to impress potential business clients with his access to elected officials, like Clinton and Gore.

Haney’s family-owned real estate business donated thousands of dollars in 2013 and 2015 to political action committees that supported Alabama Gov. Robert Bentley, who later recommended that the nuclear plant Haney wanted to buy be put up for sale. Haney also contributed to a nonprofit created to promote Bentley’s agenda. The Republican governor resigned in 2017 as he faced impeachment proceedings after an alleged affair with an aide.

In addition to the investigation into Haney’s contribution to the Trump inaugural committee, Haney is in an unrelated legal battle with the nuclear plant’s owner, the Tennessee Valley Authority. Another Haney company, Nuclear Development LLC, has filed a lawsuit in federal court accusing the TVA, the nation’s largest public utility, of illegally blocking the plant’s sale to him at the last minute. The utility has argued it couldn’t complete the transaction because Haney failed to get the Nuclear Regulatory Commission’s approval for transfer of the construction permits.

A tentative Bellefonte sale in November 2016 involved two partially constructed nuclear reactors and the supporting cooling towers, several other buildings and more than 1,000 acres of land on the Tennessee River. Haney put down $22 million and had until November 2018 to complete the $111-million sale.

On Nov. 29, the day before the sale was to be closed, the TVA scrapped the deal, declaring that Haney’s company had not yet secured regulatory approval as required by the Atomic Energy Act. Haney filed a breach of contract lawsuit.

In early April, about five months after Nuclear Development submitted its application for transfer of the construction permits, the regulatory commission’s staff told the company it needed to submit more technical details before it could proceed.

Edwin Lyman, a nuclear power expert at the Union of Concerned Scientists, said the response reflected skepticism about whether Haney’s company “is serious about or capable of actually undertaking this project or just wants to put the license in its pocket for purposes unknown.”

But Lyman added the five-member nuclear regulatory board is dominated by Trump appointees and may not want to be seen by Congress and the Trump administration as throwing up roadblocks to a nuclear power expansion.

Haney’s Nuclear Development company also has applied to the U.S. Energy Department for financing assistance on the project. The department said it considers the loan application process to be “business sensitive” and declined to comment.

Stephen Smith, executive director of the nonprofit Southern Alliance for Clean Energy, said Haney faces too many technical and financial hurdles to overcome.

For example, Bellefonte’s never-completed nuclear reactors are decades old and are of a unique design that has never received an operating license in the U.S. before. He compared Bellefonte to a Ford Pinto, a 1970s-era vehicle with serious engineering flaws. Smith said it’s “extraordinarily unlikely” Bellefonte will be allowed to operate.

Associated Press writer Jim Mustian in New York and researchers Rhonda Shafner and Jennifer Farrar in New York contributed to this report.

San Francisco Police Union Urges Police Chief To Resign After Raid On Journalists Home

San Francisco’s police union has called upon the city’s police chief to resign over his handling of a raid of a journalist’s home earlier this month.

Union president Tony Montoya, in a letter published Saturday, accused Chief Bill Scott of unfairly blaming rank-and-file officers for the potentially illegal sweep of Bryan Carmody’s home on May 10.

The freelance videographer had obtained a leaked police report about the drug-related death of Public Defender Jeff Adachi earlier this year, prompting a police investigation and the aggressive search.

San Francisco police chief Bill Scott, seen last year, has apologized for the raid of a journalist's home and placed some bla



San Francisco police chief Bill Scott, seen last year, has apologized for the raid of a journalist’s home and placed some blame on his officers, saying they “should have done a better job.”

“It’s time for Chief Scott to go. There’s no way around it,” Montoya said while urging the city to investigate the police chief. This urging came one day after Scott issued an apology that admitted the search may have violated California’s shield law, which specifically protects journalists from search warrants. He told the San Francisco Chronicle that his officers “should have done a better job.”

“I am specifically concerned by a lack of due diligence by department investigators in seeking search warrants and appropriately addressing Mr. Carmody’s status as a member of the news media,” Scott said in a statement.

Scott had initially defended the search as legitimate after two San Francisco Superior Court judges reportedly signed warrants authorizing the officers to search Carmody’s home and office. Scott added that an investigation into how the death report was leaked will continue with a separate investigatory body.

Montoya slammed his response as “a pathetic, deceitful and shameful display of self-preservation, finger pointing and political kowtowing. We all deserve better.”

His apology to the media was clearly meant for him to save face as opposed to accept responsibility for his own actions. Shameful.
Police Union President Tony Montoya

“Chief Scott oversaw and ordered the investigation and raid of a journalist’s home, and then when the optics did not go his way, he threw the men and women who carried out his orders under a double-decker bus,” Montoya said. “His apology to the media was clearly meant for him to save face as opposed to accept responsibility for his own actions. Shameful.”

San Francisco District Attorney George Gascon has similarly condemned Scott, saying his office had not seen a warrant for the search and he couldn’t “imagine a situation in which a search warrant would be appropriate.”

Video shared by Carmody on Twitter shows officers forcing their way into his home with a crowbar and sledgehammer. He was handcuffed and his equipment, including notebooks, hard drives and phones, were seized, the San Francisco Chronicle reported.

The police report behind the use of force documented the death of 59-year-old Adachi, an elected official, died on Feb. 22 after spending much of the day with a woman who was not his wife.

The San Francisco medical examiner ruled his death accidental, saying it was caused by “acute mixed drug toxicity with cocaine and ethanol, with hypertensive atherosclerotic cardiovascular disease as a contributing factor.”

Adachi was known as a police watchdog, prompting suspicions by his supporters that the report, detailing the potentially scandalous circumstances of his death, was leaked as a smear attempt by some in the police department, the Los Angeles Times reported.

Dow Futures Wobbles Under Economic Data Scrutiny on Memorial Day

By CCN: The Dow and U.S. stock market could see significant action this week as a fresh wave of economic data make their way through the financial markets. Critically, these data releases will help investors determine the latest impact of the U.S.-China trade war on the domestic economy.

Dow Futures Wobble

U.S. stock futures drifted between slight gains and losses in a session marked by thin trading volumes due to the Memorial Day holiday. As of 9:07 a.m. ET, the Dow Jones futures contract was up 7 points at 25,631.00. The futures contract reached an intraday high of 25,697.00. There’s new data

Dow JonesDow Jones

The benchmark Dow Jones Industrial Average closed at 25,585.69 on Friday and is down roughly 3.6% over the past month. | Source: Yahoo Finance.

Futures on the S&P 500 Index edged down 1 point to 2,830.75.

The Nasdaq 100 mini futures contract nudged up 2.25 points to 7,317.75.

The New York Stock Exchange will remain closed on Monday. Regular trading hours will resume tomorrow morning.

Economic Data Take Center Stage

The U.S. economy is showing signs of weakness at the start of the second quarter. Could this be partially due to the trade war? | Source: Shutterstock.

The Dow rose on Friday, but failed to stem its fifth consecutive weekly loss amid heightened tensions over U.S.-China trade relations.

Last week, investors cut ties to riskier assets and piled into government bonds after the Trump administration blacklisted Huawei, China’s largest telecommunications company, and roughly 70 of its affiliates. Markets would later recover slightly after the Commerce Department issued a 90-day license that allows U.S. companies to continue working with Huawei temporarily.

Nevertheless, a prolonged U.S.-China trade war is beginning to impact the economy – at least, that’s what the latest economic numbers show. U.S. manufacturing activity, retail sales and overall economic growth have dwindled at the start of the second quarter, signaling a sharp deceleration from the strong start to 2019.

A steady stream of market-moving reports will be released this week, beginning on Tuesday with the Dallas Fed manufacturing business index. On Thursday, the Commerce Department will issue revised Q1 GDP data, which includes updated inflation figures. On Friday, the report on personal income and outlays will be released. The April data will be accompanied by the latest reading on core personal consumption expenditures, the Federal Reserve’s preferred measure of inflation.

Click here for a real-time Dow Jones Industrial Average (DJIA) price chart.

A $130 Million Shorts Liquidation Couldve Supercharged Bitcoin Price to $9000

By CCN: On May 27, the bitcoin price surged from $8,000 to $8,939 on major exchanges such as Bitstamp and Coinbase, achieving a new high for 2019.

Key catalysts behind the abrupt increase in the bitcoin price within a short time frame remain unclear; some have suggested the overall improvement in sentiment around the crypto market and an increase in demand from retail investors.

The bitcoin price surges by nearly 11 percent within several hours The bitcoin price surges by nearly 11 percent within several hours

The bitcoin price surges by nearly 11 percent within several hours as it achieves a new 2019 high (source: coinmarketcap.com)

One of the main factors supporting the 11 percent rally of bitcoin may have been the liquidation of hundreds of millions of dollars worth of short contracts on BitMEX, the most widely utilized crypto margin trading platform.

As the bitcoin price initially climbed above $8,500, it liquidated many short contracts filed by bears anticipating BTC to drop in an expected pullback.

Could CME bitcoin futures market be another catalyst?

The overnight surge in the bitcoin price occurred on a Sunday evening in the U.S. market, when the CME bitcoin futures market was closed and other investment vehicles like Grayscale’s Bitcoin Investment Trust (GBTC) are not traded.

Although the impact of CME on the price of the dominant cryptocurrency was largely dismissed up until early 2018, new research from Bitwise Asset Management revealed that CME accounts for nearly half of all BTC spot trading.

On May 14, the daily volume of the CME bitcoin futures market hit a staggering $1.3 billion, its all-time high. Currently, the verifiable daily spot volume of bitcoin is estimated to be around $1.7 billion.

If the liquidation of BitMEX contracts pushed the bitcoin price up in the past 24 hours, considering that the CME futures market accounts for a large portion of the global volume of BTC, CME could serve as a catalyst for the next potential upside movement of BTC.

As seen in the abrupt decline in the bitcoin price from $8,000 to $6,400 on May 17 triggered by the liquidation of BitMEX contracts, the futures market and margin trading platforms have a significant effect on the landscape of the crypto exchange market.

Can the momentum be sustained?

The sustainability of the volume on CME, BitMEX, and other major exchanges would dictate the near-term trend of BTC.

Based on the performance of the asset in the past two weeks and the presence of little resistance above $8,500, analysts expect the asset to test the $10,000 level in the medium-term.

Tim Draper, a billionaire investor, said on Bloomberg that fundamentally, bitcoin remains strong against fiat currencies with a bright long-term outlook.

He said:

When people ask, ‘so what do you think has happened with bitcoin?’ I say well, one bitcoin is still one bitcoin. It always has been and it always will be. There’s only 21 million of them and you probably should get one as opposed to thinking or comparing it against the fiat currency.

I look at currencies and I say all the other currencies are very volatile against bitcoin because they know that this is really transforming the world. And so these currencies that are tied to political forces or dictatorships or even the dollar, which really does have political influence and the monetary policy has to be so precise to get it just right, why bother?

It is possible that the momentum of the crypto market continues to push bitcoin to the upside despite some technical indicators signaling oversold conditions for quite awhile.