Skip to content Skip to sidebar Skip to footer

Back in 2015, Google founders Larry Page and Sergey Brin floated the Alphabet Inc. holding company to function as Google’s parent, allowing the duo more time and space to pursue other ventures. Sundar Pichai was made the chief of Google and has been running the tech giant since then. Now, the founders have announced their decision to step down from their position at Alphabet Inc., and have chosen Pichai to also lead Alphabet.

The decision to create Alphabet in the first place was somewhat reminiscent of Warren Buffet’s method of running multinational conglomerate holding company, Berkshire Hathaway Inc. Buffet’s approach requires feeding enough capital into several endeavors and instead of running them himself every day, allowed others to do so. The co-founders have given up on this “dream” but are expected to still function in the company as shareholders and board members.

As interesting as the move might sound, there is significant worry in many quarters over whether or not it’s the right one to make. The founders have made Pichai the Chief Executive Officer (CEO) of Alphabet, adding to his role as CEO of Google. Google is one of the most diversified tech companies available and the CEO already had his hands quite full as Google continuously dips into several cookie jars apart from its huge advertising business. These include autonomous vehicles, healthcare endeavors, delivery drones and many more.

Apart from these, Google is enmeshed in several issues, the most prominent of which is the anti-trust probes leveled against the company by both state and federal authorities. In addition, the company is having trouble with ex-employees as it was recently announced that four of the company’s engineers who were recently fired, have decided to file a protest with the National Labor Relations Board. Google maintains that the “Thanksgiving Four” as they are popularly called, committed several “clear and repeated violations” but the affected employees in a joint statement, have argued that Google is not abiding by the law and that the company is a lot “more interested in revenue growth than in ensuring worker rights and ethical conduct.”

All of these factors contribute to the increasingly popular notion that Pichai is already maxed out and adding more responsibilities for him might be a bad idea.

The creation of Alphabet Inc. is still considered unnecessary in many quarters especially because Google still accounts for almost 100% of Alphabet’s income. It however was received well by investors as it was a way to separate Google’s main internet and advertising business from other company projects.

A former Google product management director who is now a partner at Firebolt Ventures Vineet Buch, has suggested that this new development might mean that Google’s “Other Bets” will no longer enjoy certain privileges. 

“This may mean that the Other Bets have to start really functioning as businesses and there won’t be a two-tier system where Google is run as a business and the other projects have infinite time horizons to reach profitability”, said he.

Tolu Ajiboye , 2019-12-04 14:48:34 ,

Source link

Leave a comment

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

Source link