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GOOGL Shares Rise Despite Reports of Google Impending Split

Published

3 Monaten ago

Oktober 12, 2020

The shares of Alphabet Inc which closed 1.82% higher on October 12 have even surged an additional 1.24% in the pre-market despite reports that the feds might force the company to split key units of its advertising business.

Per the report from Politico, the Department of Justice, as well as state prosecutors, are investigating Google for its extensive grip on both the world’s search engine which gives it a competitive edge in the advertising industry.

Google alongside its counterparts Apple Inc (NASDAQ: AAPL), Amazon.com Inc (NASDAQ: AMZN), and Facebook Inc (NASDAQ: FB) has been under regulator’s radars since the firms were involved in an AntiTrust hearing with Congress Judiciary subcommittee on antitrust back in July. While the aftermath of the hearing has not yet been seen for all of the big 4 tech firms, the clampdown on one might spell an economic offset for the rest.

As current reports will have it, the Department of Justice is well on its way to file an antitrust lawsuit against Google come next week and the case could result in the company being forced to give up its Google Chrome web browser as well as its advertising business units. The department of Justice reportedly came to these conclusions to enforce this split based on recommendations from Google’s (GOOGL) competitors.

Google (GOOGL) investors seem undeterred with the news to split some of the company’s major revenue streams as shown in the current stock performance. Alphabet Inc (NASDAQ: GOOGL) in a statement reported by Coinspeaker the previous week has warned that any potential move by the regulators may hurt more of consumers while unfairly giving an advantage to competitors.

Google Impending Split, Same Fate for Other Big Tech Names

In an era where a global pandemic has relatively brought about the growth of some key sectors including social media, e-commerce, and tech devices, all on offer by the four embattled tech firms, a commemorative growth in revenue and profits will only propound the case for regulators who seeks to cut their profound powers.

Now that the DOJ is after Google (GOOGL) in which it is considering a split option for the California-based business, observers believe that it is only a matter of time before such moves are made for the others also.

With Google’s dominance in the web search section where other browsers such as Mozilla Firefox and Apple’s Siri are, the company’s moves to begin limiting the use of third-party Cookies on its Chrome browser as well as in declaring that apps on its stores must start using inbuilt payment services as from Sept. 2021 has further stirred regulator’s desire for a clampdown.

While the anticipation builds as to whether the DOJ will make a move for similar sanctions on the other tech firms in the near future, the current focus on Google may likely change investor’s reactions to the company’s shares in the short term.

Business News, Market News, News, Stocks, Wall Street

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Grayscale’s AUM Hits $19B, Up from $16.4B Announced Week Ago

Published

26 Minuten ago

Dezember 29, 2020

While it may be too early to project the possible performance of Grayscale in 2021, the spate of patronage the company recorded in the last two quarters of 2020 looks quite inspiring.

In what confirms the continued embrace of Bitcoin (BTC) and altcoins by institutional investors and the big-money clients, Grayscale’s total Assets Under Management (AUM) has been reported to top $19 billion, a significant uplift from the $16.4 billion reported a week ago. According to a report by CoinDesk, Grayscale hit this AUM milestone on December 28, and Grayscale’s Bitcoin Trust holds by far the largest chunk of the total assets at $16.3 billion.

The recent rally of Bitcoin to new highs as recorded in the past days started as a chain reaction that took its precedent months ago when Wall Street firms and institutional investors began betting big on Bitcoin. The investment made by the likes of MicroStrategy Incorporated (NASDAQ: MSTR), Square Inc (NYSE: SQ), and PayPal Holdings Inc (NASDAQ: PYPL) did not just help put Bitcoin in the limelight through mainstream media, it also prompted the embrace of the digital assets by other firms.

With this chain reaction, the price of Bitcoin continued to soar in response to boosted demand for the coin, and institutions like Grayscale that serves institutional investors benefited from this new demand, and hence, the continued increase in the firm’s AUM. Besides BTC, Grayscale’s Ethereum (ETH) AUM is now worth $2.1 billion, while the bulk of smaller holdings in Litecoin (LTC), XRP, and ZCash amongst others helped Grayscale’s total AUM to reach the new milestone.

Grayscale’s AUM May See More Boost in 2021

While it may be too early to project the possible performance of Grayscale in the coming year 2021, the spate of patronage the company recorded in the last two quarters of 2020 makes the case for improved performance provided the tempo is sustained.

Just as has been noted earlier, the continued embrace of cryptocurrency assets by highly liquid companies will continue to have a positive reaction on the price of Bitcoin, and by extension, this will even make more people pick interest in BTC. As a relatively young asset class, Bitcoin and altcoins have tremendous room to grow as the adoption rate is still not optimized owing to certain regulatory provisions in most countries, Grayscale and other hedge funds have enough room to compete for new clients entering the space.

With Grayscale been among the institutions at the forefront of helping to drive the acceptance of BTC, ETH, and other digital currencies, enjoying the dividends of its works through impressed AUM figures does not come as much of a surprise.

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eToro Said to Be in Talks With Goldman About Possible $5B IPO: Report

Published

1 Stunde ago

Dezember 29, 2020

The crypto trading/investment management platform is also considering the possibility of a merger with a special purpose acquisition company.

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Market

Altcoin Rally Dimming Bitcoin’s Shine, Polkadot Gains 34% in One Week

Published

2 Stunden ago

Dezember 29, 2020

Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.

Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong “moves” or signals.

Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.

Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.

While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRP’s current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700 for the first time since May 2018.

Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)

Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next “impulse wave” on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.

Although many factors could be in play with regards to the latest Bitcoin price dip, it’s recent fallout with Ripple’s XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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