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Dow Slumps But Key Stock Eyes Thanos-Sized Boost from Avengers: Endgame



By CCN: The Dow slumped into Friday’s trading session, as the stock market failed to push even further into record territory. However, key DJIA component Disney could receive a Thanos-sized boost from “Avengers: Endgame,” which is already smashing records and could target a $1 billion global opening.

Dow Slumps But Bullish GDP Rescues Index from Collapse

The Dow Jones Industrial Average slipped at the opening bell, and by 9:52 am ET the stock market bellwether had lost 37.48 points or 0.14 percent to trade at 26,424.60. The S&P 500 and Nasdaq also declined, dropping 0.11 percent and 0.14 percent, respectively.

dow jones industrial average djia

The Dow returned a lackluster performance on Friday, but a key DJIA member jumped on the success of “Avengers: Endgame.” Source: Yahoo Finance

On Thursday, the Dow dove 134.97 points or 0.51 percent after its third-largest stock endured its worst trading session since the 1987 stock market crash; the DJIA closed at 26,462.08. The S&P 500 traded sideways amid an uneven earnings season, shedding 1.08 points or 0.04 percent to close at 2,926.17. Bolstered by booming tech stocks, the Nasdaq resisted the bearish trend to jump 16.67 points or 0.21 percent to 8,118.68.

The Dow had slouched toward another dismal open on Friday when surprisingly bullish GDP data triggered a collective stock market bounce. The Bureau of Economic Analysis reported that GDP jumped by 3.2 percent in the first quarter.

dow jones industrial average djia First quarter GDP

Surprisingly-bullish GDP figures salvaged the Dow ahead of the stock market open. | Source: Yahoo Finance

Analysts had expected the US economy would grow 2.5 percent during the quarter, and some feared that the 35-day government shutdown had stunted growth even further.

So that’s what’s moving the Dow on Friday.

Over a longer time horizon, Dow blue-chip Disney could embark on a major rally due to the success of “Avengers: Endgame,” which opened on Thursday night to rave audience reviews and a 97 percent “Fresh” rating on Rotten Tomatoes.

‘Avengers: Endgame’ Smashes Records & Launches Disney Stock Into Stratosphere

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According to AMC Entertainment, “Avengers: Endgame” is already smashing US box office records. The movie theater company revealed that it would show the $400 million film 58,000 times over the weekend. That’s a full 10,000 more than the previous record – set by “Avengers: Infinity War” in 2018 – and AMC CEO Adam Aron said that the company is prepared to sell up to 10 million tickets during the movie’s opening weekend.

No word on how many of those tickets are reserved for repeat-viewers who miss key scenes during a poorly-timed bathroom break as a result of the film’s mercilessly-long three-hour runtime.

Regardless, the movie also crushed international box office records. Thanos and friends raked in a staggering $107.5 million from China en route to a record international opening-day haul of $169 million. All told, the final film in the Avengers series should gross more than $700 million from the international market during its first week and could top the $1 billion mark globally.

Disney Stock Pounds to All-Time High – Analyst Says Dow Blue Chip Will Surge Higher

avengers: endgame thanos disney stock

The massive expectations for “Avengers: Endgame” helped push Disney stock to a new all-time high, and the Dow index member has more room for growth. | Source: Shutterstock

None of this is particularly surprising, which is one reason why Disney stock stormed to an all-time high of its own – $137.24 a share – on Thursday before the movie opened.

Even so, stock market analyst Mark Newton believes the Dow blue-chip will ride the “Avengers: Endgame” euphoria even higher into the stratosphere.

“I still think it goes a bit higher,” Newton, managing member and founder of Newton Advisors, said on CNBC’s “Trading Nation.” “My technical targets are up near $150 to $155, so you could see a little bit more on the upside. Tough to take profits with a stock at brand-new highs.”

disney stock 2019 rally

DIS stock has embarked on a ridiculous rally in 2019. Is the House of Mouse enjoying an “Avengers: Endgame” bounce or are investors focused on the company’s streaming efforts? | Source: Yahoo Finance

Newton’s forecast anticipates that DIS shares will enjoy another 13 percent to 18 percent bounce before the magic runs out for the House of Mouse – even though the stock has gone parabolic in 2019 and its Relative Strength Index (RSI) is screaming that DIS is overbought.

“It’s just broken out of, really, a three-year base on very, very good volume. So, yes, it is near-term overbought, but any pullback would be a chance to buy into this stock, ideally from, really, $120 to $130 area,” he said. ”[It’s] really premature to think about selling right now based on technical and fundamental reasons.”

Disney stock rose 1.09 percent on Friday to put DIS well on its way to its second-consecutive record close.

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

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Robinhood Zero-Fee Trading App Officially Launches in New York



American stock brokerage Robinhood Crypto has officially launched its zero-fee crypto trading app in New York, the company announced in a blog post on May 23.

Following the acquisition of a BitLicense by the New York State Department of Financial Services (DFS) in January 2019, Robinhood now allows New York citizens to trade in seven major cryptos with no commission fee using its Robinhood Crypto platform.

From now, the Robinhood Crypto service is available in 39 states in the United States, including California, Washington and Florida, among others.

The Robinhood trading app allows for the trading of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), bitcoin SV (BSV), ethereum classic (ETC) and dogecoin (DOGE). Robinhood users can also track price alterations and updates for those cryptos and 10 additional coins, the blog post notes.

Earlier in April, Robinhood applied for a bank charter with regulators in the U.S. in order to offer traditional banking products and services.

Previously, the DFS granted a BitLicense to a institutional-grade crypto trading platform Tagomi Trading, enabling the company to offer trade routing and order execution services for non-security cryptos including bitcoin, ethereum, litecoin and bitcoin cash.

Recently, on April 18, Bloomberg reported that the ICE was considering acquiring a New York BitLicense to launch bitcoin futures, citing anonymous sources familiar with the matter.

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Here’s Why Bitcoin, Ethereum and Litecoin is undervalued at Spot Rates





Bitcoin, Ethereum and Litecoin are still incredibly undervalued as present valuations stand. This is on account of the potential of these coins and planned upgrades to make them better according to a crypto trader and enthusiast.

Yes, Bitcoin may have rallied back to possible bull territory. However, it is still fair to say that the coin sits below its true and projected position as a currency and security. Bitcoin came about as an alternative currency with decentralization as a catch for investors and enthusiasts alike.

Bitcoin is resilient and has shrugged off legitimacy questions from naysayers time and time again. The price volatility is just a consequence of intense speculation and uncertainty common with new inventions. Nonetheless, Bitcoin’s transcendent ability to transform the financial world remains effectively eliminating borders and regulatory overreach.

Bitcoin as Digital Gold

Bitcoin is a finite currency. Notably, every fiat currency will return to its inherent value of zero at times of hyperinflation. This is clear from the Venezuelan Bolivar which is worth less than its printing paper at the moment. In this light Bitcoin can become an alternative to collapsed currencies especially in failed states.

It’s become a trusted alternative when fiat money’s value is corrupted by politics”

-John McGinnis and Kyle Roche of Wall Street Journal.

The limited availability means Bitcoin can efficiently store value at times of financial crises. This is eerily similar to gold which is also a great commodity to store value that rises in value in hard times for fiat. This has led to some proponents calling Bitcoin digital Gold and rightfully so. As such, the value of $8,000 is momentary as the developed world economy is still doing well.

Ethereum And Litecoin As Alternatives

Ethereum is a great alternative for Bitcoin. That said, the price of $270 is still on the low because of the incredible potential given the possibilities of Smart contracts. More significant is the upcoming Serenity or Ethereum 2.0 upgrade. This upgrade will significantly improve the coin by incorporating technical improvements that improve scalability and performance. At the premier Ethereum Supermeetup, hosted at Token2049, Vitalik Buterin explained the update as follows;

“(It is) a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”

Ethereum is in this regard still on the downside price-wise. The upgrades are necessary and timely to keep the protocol efficient.

Litecoin, on the other hand, is essentially a better version of Bitcoin. This is because the coin, while having essentially the same possibilities as Bitcoin, is more adaptable to change such as the introduction of smart contracts.

Charlie Lee, a former Google employee, who founded Litecoin, has also given financial support to the Lightning Network.  There are also possibilities of incorporating Mimble Wimble that will inherently scale the network while introducing better security and privacy for the end user. When we add the halving mix in the equation, investors and traders are convinced that we are in the early stages of a mega bull run that will propel asset prices, valuing them fairly.

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Smart contract platform Fantom chooses Binance Chain for interoperability



Binance Chain, the blockchain from cryptocurrency exchange company Binance, and DAG-based smart contract platform, Fantom, announced today they will be working together to create a multi-asset and cross chain ecosystem.

The Fantom team said it will be supporting a multitude of tokens including the ERC-20 standard, native Fantom token (FTM) standard, along with the BEP-2 token standard on Binance Chain.

“Our reason for choosing Binance Chain as our interoperability partner over any other blockchain is simple, we’re seeing an increasing trend of great projects moving towards Binance Chain, and we want to contribute to the Binance Chain ecosystem so that all these great projects may garner added value from our contributions. Binance and Binance Chain are in a rare position of having the strongest centralized exchange and liquidity on one end, and a very cohesive decentralized ecosystem on the other end, and we believe that there is no better partner for Fantom in its push for greater interoperability within the industry.”

The Fantom Foundation

The collaboration will offer Fantom users a chance to transact and trade FTM while being in custody of their own tokens on Binance DEX.

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Robinhood Opens Trading for 7 Cryptocurrencies in New York



Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

From the press release:

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.

New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others,” according to NYDFS.

Many crypto startups have avoided the requirements entirely by becoming BitLicense refugees and refusing to do business in the state.

“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here,” ShapeShift CEO Erik Voorhees complained in 2018 when asked about the controversial license at CoinDesk’s Consensus conference in New York.

Image courtesy of Robinhood

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Generation Bitcoin: 90% of Millennials Prefer Crypto to Gold: ETF Expert




By CCN: The US investing industry stands on the precipice of a dramatic upheaval that could see bitcoin and other cryptocurrency assets replace gold in investor portfolios.

That’s according to Nate Geraci, president of the ETF Store, an independent investment advisor. He revealed in a Bloomberg TV interview that his millennial clients are clamoring to hold bitcoin in their portfolios – if only the SEC would let them.

Crypto in a Landslide: ETF Expert Says Millennials Plan to Kick Gold to the Curb

Responding to a question from Bloomberg analyst Eric Balchunas about whether he would ever invest client funds in a bitcoin ETF, Geraci stunned his fellow panel members when he said that millennial investors overwhelmingly desire to hold bitcoin instead of traditional hedge assets like gold.

How overwhelming? Ninety percent.

“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”

Geraci’s bold claim was more anecdotal than scientific, but there’s plenty of hard data that demonstrates that younger investors are vastly more comfortable with holding cryptocurrency in their portfolios than investors who grew up in the pre-digital era.

In April, a Harris Poll survey found that 18 to 34-year-olds are “very” or “somewhat” likely to purchase bitcoin within the next five years. That might not seem overwhelming, but consider that only 37% of Americans in that demographic currently own stocks.

Similarly, a February eToro survey found that 43% of millennials trust crypto exchanges more than stock exchanges, even though crypto trading platform hacks dominate the mainstream news cycle.

ETF Would Reduce Crypto Investing Risks

bitcoin etf vaneck bitcoin price

ETF Store President Nate Geraci said that there is rabid demand for a bitcoin ETF, especially among millennials. | Source: Shutterstock

Nate Geraci further pointed to the success of the $1.5 billion Bitcoin Investment Trust (OTC: GBTC) as proof that there is sufficient market demand for a crypto ETF.

He noted that the over-the-counter product regularly trades at a staggering premium to the underlying value of its BTC assets. That’s because GBTC shares fluctuate based on supply and demand, not just the price of bitcoin. An ETF, he said, would flatten that premium and thus reduce investor risk.

“It seems a bit incongruent to me that we have that product out there trading, where investors really could get hurt if they don’t understand that premium, but we don’t have a bitcoin ETF.”

“The demand is there,” he concluded.

SEC Kicks the Bitcoin ETF Can Down the Road

Unfortunately for crypto bulls, millennials aren’t the ones manipulating the levers of the Securities and Exchange Commission (SEC), which holds unilateral authority to approve or deny bitcoin ETF applications.

The SEC, as CCN reported, continues to punt on the issue. Last week, the regulatory agency extended its long trend of delaying ruling on cryptocurrency products when it postponed its decision on the VanEck/SolidX Bitcoin ETF to August 19. Most industry insiders expect the SEC to delay the VanEck/SolidX product again, pushing its final ruling until October 18.

Dave Nadig, the managing director of, said that he believes the SEC is still in “information gathering mode” but that there is a “reasonable chance” regulators approve the first bitcoin ETF before the end of 2019.

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