Business

Authored by Charles Hugh Smith via OfTwoMinds blog,

Everyone who believes risk has disappeared has fallen for the con.

Now that it is abundantly clear that for a stock to explode higher, all that is necessary - and sufficient - is a press release mentioning the company's name and throwing in the word "blockchain" in the same sentence (see Riot Blockchain, LongFin Corp, Net Element, and Nova Lifestyle), other public microcaps have decided that if that's all it takes, then by all means they will gladly take investors' money.

Before...

After...

The Long Island Iced Tea company was doing just over $1 million in revenues per quarter, bleeding out cash, losing money for shareholders hand over fist -- down 42% for the year. So they managed to take a short cut around all of those issues and simply rename the company to Long Blockchain Corp. and this has resulted in shares rising over 500% in pre market chicanery.
 

In the third and final estimate of Q3 GDP, the US economy eased back fractionally from last month's "hot" 3.3% print, and as a result of a modest decline in Personal Consumption from 1.60% to 1.49% (in the GDP calculation) as well as net trade, the final GDP print came in at 3.2%, down slightly from last month's and consensus estimate 3.3%, which however was still the highest GDP print since Q1 2015, when the economy grew at a 3.23% pace.

Authored by Tom Luongo,

The news broke yesterday morning that Litecoin developer and outspoken founder, Charlie Lee, sold or donated all of his liquid Litecoin holdings.  This prompted a big sell-off in the cryptocurrency markets, putting on pause the bounce off of the previous night’s bottom below $16000 for Bitcoin.

This comes in the wake of Coinbase adding Bitcoin Cash (BCH) to its stable of coins available for purchase, which also sent shockwaves through the markets.