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Cryptocurrencies traded at big discounts in the South Korean market Tuesday but recovered amid intense political drama in the East Asian nation.
What happened: Major coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) sharply fell in value on Upbit, South Korea's largest cryptocurrency exchange.&nbsp;
Bitcoin <a href="https://upbit.com/exchange?code=CRIX.UPBIT.USDT-BTC">plunged </a>as low as $71,800 after President Yoon Suk Yeol <a href="https://www.benzinga.com/news/global/24/12/42306717/south-korean-markets-plunge-amid-political-turmoil-as-president-yoons-martial-law-u-turn-sparks-uncertainty-samsung-sk-hynix-and-hyundai-stocks-tumble">imposed martial law</a> in the country, even though it <a href="https://in.tradingview.com/chart/XlzxagWe/">traded </a>around 95,500 on Coinbase, the largest digital assets exchange in the U.S.
Similarly, Ethereum dropped to $2,700 on Upbit while trading over $3,600 on Coinbase.
The Korea Premium Index, which measures the percentage difference between the market prices of Korean exchanges and other exchanges, plummeted to -14.67, according to on-chain analytics firm CryptoQuant, indicating that retail investors were selling at a lower price than the average market price.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Korea Premium Index has dropped to a low of -14.67. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is trading at a steep discount in South Korea vs. global markets. <a href="https://t.co/3LJTQm2fQH">pic.twitter.com/3LJTQm2fQH</a>
&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1863960571575472233?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/24/12/42282930/cleanspark-sheds-light-on-bitcoin-acquisition-strategy-says-investments-in-core-business-contribute-the-most-to-shareholder-value">CleanSpark CEO Zach Bradford Explains Why The Company Is Betting on Bitcoin Mining, Not Buying</a>
However, what should have been a profitable arbitrage opportunity did not last long, as Bitcoin returned to $95,424 on South Korean exchange Upbit as of this writing, showing a narrow discount from the cryptocurrency&#8217;s global price of $95,857. Ethereum also recovered to $3,700.
The recovery followed President Yoon&#8217;s U-turn after he withdrew the martial law diktat <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">after facing parliamentary opposition</a>.
Why It Matters: Taking note of the developments, noted analyst and CryptoQuant CEO Ki Young Ju wondered why Bitcoin was selling off in times of political instability.
"Why did the people selling now even buy Bitcoin in the first place?' he asked.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> kimchi premium hits an all-time low. Shouldn&#39;t Bitcoin go up during times of political instability? Why did the people selling now even buy Bitcoin in the first place?&#x1f937;&#x200d;&#x2642;&#xfe0f; <a href="https://t.co/p8wNTGqmuq">pic.twitter.com/p8wNTGqmuq</a>
&mdash; Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1863976876928270484?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
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These developments were opposite to the popular <a href="https://www.benzinga.com/markets/cryptocurrency/23/04/31657100/insane-trading-volumes-massive-gains-south-korean-crypto-traders-go-wild-over-solar-and-ic">&#8220;Kimchi Premium&#8221;</a> phenomenon, where prices of cryptocurrencies on Korean exchanges can trade at a premium of as much as 30% above their international counterparts.
Sam Bankman-Fried, the founder of Alameda Research and the now-defunct FTX exchange, <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37531065/bitcoins-kimchi-premium-popularized-by-sam-bankman-fried-returns-to-south-korea-amid-recor">famously exploited this difference</a>, reportedly earning up to a million dollars daily in 2019 and 2020.&nbsp;
Price Action: At the time of writing, Bitcoin was trading at $95,897.38, down 0.29% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image via Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42282144/will-your-bitcoin-holdings-be-at-risk-if-trump-establishes-a-national-reserve-analyst-says-government-can-employ-carrot-and-stick-policy">Can Your Bitcoin Be Confiscated If Trump Establishes A National Reserve? Analyst Says Government Can Employ Carrot-And-Stick Policy</a></li>
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Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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$BTC

$ETH

Bitcoin Dumped And Recovered In South Korea Amid Political Turmoil — An Arbitrage Opportunity That Wasn't?

Shares of Nebius Group NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIS#NASDAQ">NBIS</a>) jumped 13.90% on Tuesday after Citron Research highlighted the company&#8217;s potential to become the next artificial intelligence sensation on Wall Street, citing its deep ties with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and perceived undervaluation compared to competitor CoreWeave.
What Happened: The surge followed Monday&#8217;s <a href="https://www.benzinga.com/24/12/42269037/whats-going-on-with-nebius-shares-monday">announcement of a $700 million private placement financing round</a>, backed by Nvidia, Accel, and accounts managed by Orbis Investments. The deal involves issuing 33,333,334 Class A shares at $21 each, representing a 3% premium over the volume-weighted average price since Nasdaq trading resumed.
Citron Research, through its X social media account, projected a potential $60 share price for Nebius, based on what it called &#8220;napkin math&#8221; assuming a 50% discount to CoreWeave&#8217;s multiple. The research firm said, &#8220;Citron pounding the table that Nebius is poised to be the next AI Wall Street darling,&#8221; emphasizing CEO Arkady Volozh&#8216;s credentials and Nvidia&#8217;s decade-long relationship with the company. 
Volozh, a Russian technology entrepreneur and billionaire known for his expertise in computer science, expressed confidence in the company&#8217;s direction. &#8220;The foundation of our business is our expertise in building advanced technology infrastructure,&#8221; he stated, highlighting <a href="https://www.benzinga.com/24/12/42269037/whats-going-on-with-nebius-shares-monday">plans to expand AI infrastructure across two continents</a>.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Citron pounding the table that <a href="https://twitter.com/search?q=%24NBIS&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NBIS</a> is poised to be the next AI Wall Street darling. A sleeper with no analyst coverage yet, the market hasn't caught on to its massive potential—or its undervaluation vs. CoreWeave. If it trades at a 50% discount to Coreweave multiple that puts…
&mdash; Citron Research (@CitronResearch) <a href="https://twitter.com/CitronResearch/status/1864018794873495945?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42307179/salesforce-palantir-and-oracle-spearhead-an-ai-revolution-says-wedbushs-dan-ives-a-renaissance-of-growth">Palantir Paving The Way For AI Transformation, With Salesforce And Oracle To Follow, Says Dan Ives: The AI Revolution Goes Beyond Magnificent 7</a>
Why It Matters: The backing from Nvidia carries particular weight given the chip giant&#8217;s dominance in AI computing. Citron noted that Nvidia&#8217;s investment &#8220;was not out of the blue,&#8221; pointing to their long-standing relationship and timing with complete divestiture.
Citron&#8217;s endorsement is notable given the firm&#8217;s <a href="https://www.benzinga.com/24/11/42118133/short-seller-andrew-left-targets-microstrategy-stock-as-hedge-against-bullish-bitcoin-bet-completely-detached-from-btc-fundamentals">track record of market-moving calls</a>. Its founder, Andrew Left, gained prominence for his contrarian positions, including his famous bearish stance on GameStop Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) in 2021 and recent skepticism about MicroStrategy Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) driven rally.
The stock continued its upward momentum in after-hours trading, gaining an additional 2.97%. With no current analyst coverage, Citron suggests the market has yet to fully recognize Nebius&#8217;s potential in the rapidly expanding AI infrastructure space.
Read Next: 
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<li><a href="https://www.benzinga.com/24/12/42306850/bitcoin-ethereum-dogecoin-power-down-amid-south-korea-political-turmoil-top-analyst-shares-strategy-for-altcoin-holdersavoid-chasing-fomo-take-profits">Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits</a></li>
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Image Via Shutterstock 
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Andrew Left's Citron Research Says Nvidia-Backed Nebius Is The Next 'AI Wall Street Darling' — Stock Moves Up 14%

South Korean President Yoon Suk Yeol is under fire from the main opposition party, who are demanding his resignation or impeachment in the wake of a short-lived martial law imposition.
What Happened: The Democratic Party, which holds a majority in the 300-seat parliament, has called for President Yoon&#8217;s immediate resignation or threatened impeachment, according to a <a href="https://apnews.com/article/south-korea-yoon-martial-law-25a2a7c957e77a19f771b6b7c56a2173">report</a> by AP News on Wednesday. This comes after Yoon&#8217;s brief martial law, which saw military personnel encircling the parliament before lawmakers voted to lift it.
Yoon&#8217;s office revealed that&nbsp;senior presidential advisers and secretaries&nbsp;have offered to resign en masse, and Yoon postponed&nbsp;his official Wednesday morning schedule.&nbsp;The martial law, imposed on Tuesday night, was in effect for only about six hours before the National Assembly overruled the president.
The Democratic Party stated that its lawmakers have&nbsp;decided to call on Yoon&nbsp;to quit immediately or they&nbsp;would initiate impeachment proceedings. &#8220;President&nbsp;Yoon Suk Yeol's martial law&nbsp;declaration was a clear violation&nbsp;of the constitution&#8230;&nbsp;It was a grave act&nbsp;of rebellion and provides perfect&nbsp;grounds for his impeachment,&#8221; the party said in a statement.
If Yoon is impeached, he&#8217;ll be stripped of his constitutional powers until the Constitutional Court can rule on his fate. Prime Minister Han Duck-soo would assume his presidential responsibilities.
See Also: <a href="https://www.benzinga.com/news/24/12/42257531/heres-how-ray-dalio-thinks-trumps-second-term-could-reshape-the-us-and-the-world?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Here&#8217;s How Ray Dalio Thinks Trump&#8217;s Second Term Could Reshape the US and the World</a>
Why It Matters: The political turmoil has had a significant impact on South Korea&#8217;s markets. As reported by Benzinga earlier, the benchmark Kospi index fell 1.15% and the tech-heavy Kosdaq 100 <a href="https://www.benzinga.com/news/global/24/12/42306717/south-korean-markets-plunge-amid-political-turmoil-as-president-yoons-martial-law-u-turn-sparks-uncertainty-samsung-sk-hynix-and-hyundai-stocks-tumble">dropped 2.64%</a> following the brief imposition of martial law. Major technology and industrial stocks, including Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>), were affected.
At the time of writing, the KOSPI was seen trading lower by 1.8% at 2,455.28. Stocks that took a hit during Wednesday&#8217;s trading included LG Energy Solution, Naver Corporation (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NHNCF#OTC">NHNCF</a>), and chip maker SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCL#OTC">HXSCL</a>). 
Photo via Shutterstock.
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

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South Korean President Yoon Suk Yeol Faces Impeachment Demands After Brief Martial Law, Opposition Calls It a 'Grave Act of Rebellion'

Sony Group Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SONY#NYSE">SONY</a>) and Honda Motor Co Ltd.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HMC#NYSE">HMC</a>) joint electric vehicle venture faces significant headwinds as it prepares to enter the U.S. market in 2026, amid expected policy changes under President-elect Donald Trump that could reshape the EV landscape.
What Happened: The partnership, Sony Honda Mobility, will unveil its production-ready Afeela sedan prototype at CES 2025 in Las Vegas next month. While the vehicle&#8217;s hardware is largely complete, developers are fine-tuning the software-centric features that distinguish it from competitors, according to SHM President Izumi Kawanishi, Nikkei <a href="https://asia.nikkei.com/Business/Technology/Tech-Asia/Sony-and-Honda-prepare-for-tough-U.S.-EV-debut-under-Trump">reported</a> on Wednesday.
The timing of Afeela&#8217;s launch coincides with potentially major shifts in U.S. auto policy. Trump&#8217;s anticipated elimination of the current $7,500 EV tax credit could reduce electric vehicle sales by nearly 30%, according to the National Bureau of Economic Research. 
This policy shift has already influenced market dynamics, with Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares rallying following Trump&#8217;s election victory.
See Also: <a href="https://www.benzinga.com/24/12/42306850/bitcoin-ethereum-dogecoin-power-down-amid-south-korea-political-turmoil-top-analyst-shares-strategy-for-altcoin-holdersavoid-chasing-fomo-take-profits">Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits</a>
What Happened: The changing landscape has divided industry analysts. Roth MKM analyst Craig Irwin recently raised Tesla&#8217;s price target by 347% to $380, suggesting established players <a href="https://www.benzinga.com/24/12/42285783/tesla-bear-craig-irwin-turns-bullish-increases-price-target-from-85-to-380">might benefit from reduced subsidies</a>. However, newcomers like SHM could face additional challenges beyond the subsidy cuts, including potential tariff increases.
Despite these hurdles, SHM is betting on its unique value proposition. The Afeela features 45 cameras and sensors, an entertainment-focused cabin design, and software that can be updated like a smartphone. The company aims to differentiate itself through Sony&#8217;s entertainment and sensor expertise combined with Honda&#8217;s automotive manufacturing capabilities.
&#8220;All businesses have ups and downs,&#8221; Kawanishi noted, emphasizing the venture&#8217;s long-term vision. Industry experts suggest annual sales of 30,000 to 40,000 units would be considered successful for the new entrant in a market dominated by Tesla, which controls approximately half of U.S. EV sales.
EV-focused exchange-traded funds, including Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVMT#NASDAQ">EVMT</a>), Amplify Lithium &amp; Battery Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BATT#NYSE">BATT</a>), KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KARS#NYSE">KARS</a>), and Global X Lithium &amp; Battery Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIT#NYSE">LIT</a>), have all been trading in the red since Trump&#8217;s election victory on Nov. 6.
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<li><a href="https://www.benzinga.com/news/global/24/12/42306717/south-korean-markets-plunge-amid-political-turmoil-as-president-yoons-martial-law-u-turn-sparks-uncertainty-samsung-sk-hynix-and-hyundai-stocks-tumble">South Korean Markets Plunge Amid Political Turmoil As President Yoon&#8217;s Martial Law U-Turn Sparks Uncertainty: Samsung, SK Hynix, And Hyundai Stocks Tumble</a></li>
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Image Via Unsplash
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

BATT

EVMT

KARS

Sony Group Corporation American Depositary Shares

SONY

TSLA

Sony-Honda EV Dream Collides With Trump-Backed Policy Shift Reality Ahead Of 2026 US Launch

On Tuesday, Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google introduced its Veo video generator to select Cloud customers.
What Happened: The AI model, capable of creating short video clips from images and prompts, is now available in private preview on Vertex AI, Google&#8217;s AI development platform.
Veo&#8217;s introduction will allow Quora to integrate the tool into its Poe <a href="https://www.benzinga.com/news/24/01/36572871/quoras-vision-for-ai-chatbots-takes-a-giant-leap-with-75m-funding-from-silicon-valleys-andreessen-ho">chatbot platform</a>, while Mondelez International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), maker of Oreo, plans to use it for marketing content creation with agency partners.
Initially unveiled in April, Veo can produce 1080p clips of up to six seconds, capturing various visual styles and making edits to existing footage.
In a blog post, Warren Barkley, senior director of product management at Google Cloud, stated that the model has been upgraded for enterprise readiness. It now supports high-definition video creation in different aspect ratios.
See Also: <a href="https://www.benzinga.com/24/12/42256614/trumps-ai-czar-plans-alibabas-new-model-cathie-wood-on-tesla-ai-and-musks-combat-transformation-this-week-in-artificial-intelligence?itm_source=parsely-api">Trump&#8217;s AI Czar Plans, Alibaba&#8217;s New Model, Cathie Wood On Tesla AI, And Musk&#8217;s Combat Transformation: This Week In Artificial Intelligence</a>
Veo&#8217;s training involved high-quality, curated datasets, with Google maintaining that its models are primarily trained on publicly available sources.
The tech giant has implemented prompt-level filters and an indemnity policy to address potential copyright issues, ensuring a defense for eligible Veo users against infringement allegations.
Moreover, Google also announced that its flagship image generator, Imagen 3, is now accessible to all Vertex AI customers without the need for a waitlist.
However, its new customization and image editing features are currently available only through a separate waitlist.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: The launch of Google&#8217;s Veo video generator comes amid a competitive landscape where major tech companies are racing to innovate in AI-driven video technology.
In February, OpenAI, the maker of ChatGPT, <a href="https://www.benzinga.com/24/11/42206104/openais-sora-video-model-leak-exposes-deep-rift-with-artists-unpaid-rd-pr-puppets-and-content-approval-fury-what-you-need-to-know">launched its video generator</a>, the Sora AI model. Since its high-profile debut, Sora has faced significant challenges, with errors in video generation quickly highlighting its weaknesses.
Last week, reports surfaced that a group of beta testers leaked the unreleased Sora model, protesting OpenAI&#8217;s handling of artists.
In September 2024, Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) introduced a beta version of its <a href="https://www.benzinga.com/news/24/09/40960339/amazons-ai-effort-takes-aim-at-a-household-name-with-new-video-technology">AI-powered video generation tool</a>, targeting advertisers. This move positioned Amazon to compete with Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), which is also <a href="https://www.benzinga.com/markets/equities/24/09/40819405/adobe-shakes-up-video-editing-with-ai-powered-creation-tools-whats-on-the-cards">advancing its AI capabilities</a> with the Firefly Video Model.
Later in October, Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also launched Movie Gen, a tool for <a href="https://www.benzinga.com/top-stories/24/10/41188250/metas-movie-gen-brings-ai-powered-video-audio-creation-to-all">creating high-quality videos</a>, images, and audio from text prompts.
Price Action: As of this update, Alphabet&#8217;s Class A shares increased by 0.14% in after-hours trading, reaching $171.58, while Class C shares rose by 0.098% to $173.19. During Tuesday&#8217;s regular session, Class A shares fell by 0.087% to $171.34, while Class C shares gained 0.023%, closing at $173.02, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
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Disclaimer: This content was partially produced with the help of <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and was reviewed and published by Benzinga editors.

Tech

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Google's Veo Video Generator Arrives On Cloud: How Oreo Maker Mondelez Is Using AI For Creative Content

XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) continued the upward march Tuesday, becoming the third-largest cryptocurrency by market capitalization after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
What happened: The payment-focused cryptocurrency spiked to $2.84 early in the morning hours, just 19% shy of its all-time high. The rally propelled the market valuation to over $160 billion.
Subsequent correction wiped out some of XRP's valuation but was enough to knock Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) out of third place among the largest cryptocurrencies by market capitalization.
As of this writing, XRP was valued at $143.59 billion, higher than iconic Wall Street companies like Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>).
See Also: <a href="https://www.benzinga.com/24/12/42282930/cleanspark-sheds-light-on-bitcoin-acquisition-strategy-says-investments-in-core-business-contribute-the-most-to-shareholder-value">CleanSpark CEO Zach Bradford Explains Why The Company Is Betting on Bitcoin Mining, Not Buying</a>
Why It Matters: XRP has been one of the breakout performers of the ongoing cryptocurrency market bull run, leaping 82% over the week and nearly 400% in the last month.&nbsp;
The rally has been broadly supported by Donald Trump's presidential victory and a slew of bullish triggers specific to XRP's ecosystem.
Incumbent Securities and Exchange Commission Chair Gary Gensler&#8217;s departure, <a href="https://www.benzinga.com/24/12/42300549/paul-atkins-reportedly-tapped-for-sec-chair-under-trump-administration">reports </a>of cryptocurrency-friendly Paul Atkins succeeding him, jump in filings for <a href="https://www.benzinga.com/24/12/42259460/xrp-beats-solana-to-become-4th-largest-crypto-by-market-cap-on-ripples-rlusd-approval-speculation">spot exchange-traded funds</a> tied to the cryptocurrency, and the <a href="https://www.benzinga.com/24/12/42259460/xrp-beats-solana-to-become-4th-largest-crypto-by-market-cap-on-ripples-rlusd-approval-speculation">imminent launch</a> of Ripple Labs' RLUSD stablecoin.&nbsp;&nbsp;
Noted cryptocurrency analyst Michaël van de Poppe called XRP "the prime indicator" of altcoin strength.
"The last time this explosive move happened, it was the start of the altcoin period," he added.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> is THE prime indicator for <a href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoin</a> strength. The last time this explosive move happened, it was the start of the altcoin period. I&#39;m expecting the same, a big rotation from XRP towards other altcoins, likely to do similar moves as XRP did. <a href="https://t.co/m1Qgs2hp0c">pic.twitter.com/m1Qgs2hp0c</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864031080614871261?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Price Action: At the time of writing, XRP was trading at $2.53, down 5.93% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Read Next:&nbsp;
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Movers

Trading Ideas

$USDT

$XRP

XRP Becomes Third-Most Valued Crypto — Beats Boeing, Nike In Market Capitalization

Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) and Palantir Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) are leading what Wedbush Securities Managing Director Dan Ives describes as an &#8220;AI revolution&#8221; in the enterprise software industry, with Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) set to benefit from the transformation in 2025, Ives said in an interview on Tuesday.
What Happened: Following Salesforce&#8217;s latest earnings report, Ives <a href="https://www.youtube.com/watch?v=i9X0RqoP1oQ">described</a> the quarter as &#8220;Goldilocks,&#8221; in a CNBC interview highlighting the company&#8217;s stronger-than-expected top-line performance and revenue guidance. 
Salesforce <a href="https://www.benzinga.com/news/earnings/24/12/42302924/salesforce-q3-earnings-revenue-beat-eps-miss-free-cash-flow-up-30-ai-driving-groundbreaking-transformation-and-more">reported third-quarter</a> revenue of $9.44 billion, with remaining performance obligations up 10%, despite missing bottom-line estimates.
&#8220;This is a phenomenal balance of growth,&#8221; Ives said, dismissing concerns about the earnings miss. &#8220;Right now you want to see them focus on spending, especially when it comes to what they&#8217;re building out from an AI perspective.&#8221;
Salesforce&#8217;s Agent Force initiative could generate &#8220;$5-6 billion a year&#8221; in revenue, according to Ives, who sees &#8220;massive upside&#8221; for the company&#8217;s stock. The enterprise software giant&#8217;s shares closed at $331.43, up 0.13% on Tuesday.
See Also: <a href="https://www.benzinga.com/24/12/42306850/bitcoin-ethereum-dogecoin-power-down-amid-south-korea-political-turmoil-top-analyst-shares-strategy-for-altcoin-holdersavoid-chasing-fomo-take-profits">Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits</a>
Why It Matters: Meanwhile, Palantir Technologies has emerged as a frontrunner in the AI transformation. The company&#8217;s stock surged 6.88% to close at $70.96 after receiving FedRAMP High Authorization for its Federal Cloud Service, expanding its capability to <a href="https://www.benzinga.com/news/legal/24/12/42292744/whats-going-on-with-palantir-technologies-stock-today-9">serve U.S. government agencies</a>.
Ives emphasized that the AI revolution extends beyond the &#8220;Magnificent Seven&#8221; tech giants, affecting various sectors including software, cybersecurity, and storage. &#8220;The biggest tech trend in the last 40 to 50 years,&#8221; he noted, suggesting investors are comfortable with increased spending as long as companies demonstrate growth and deal flow.
Looking ahead to 2025, Ives sees the AI transformation spreading across the software industry, with Palantir leading the charge followed by Salesforce and Oracle, marking what he calls &#8220;a renaissance of growth&#8221; for the sector.
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Image via Pexels
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Analyst Color

Analyst Ratings

ORCL

PLTR

Palantir Paving The Way For AI Transformation, With Salesforce And Oracle To Follow, Says Dan Ives: The AI Revolution Goes Beyond Magnificent 7

Alex Mashinsky, the disgraced founder and ex-CEO of cryptocurrency lender&nbsp;Celsius Network, admitted guilt to two counts of fraud on Tuesday.
What Happened: Despite his initial plea of not guilty, Mashinsky confessed to two of the seven charges during a hearing before a U.S. District Judge, according to a Reuters report.
The charges included commodities fraud and a&nbsp;scheme to manipulate the price&nbsp;of Celsius (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">CEL</a>), Celsius' in-house token.
Mashinsky admitted to&nbsp;providing Celsius customers with &#8220;false comfort&#8221; by falsely claiming in a 2021 interview that Celsius had received regulatory approval for its &#8220;Earn&#8221; program. He also confessed to not disclosing&nbsp;that he had been selling&nbsp;his CEL holdings, the platform&#8217;s in-house token.
&#8220;I&nbsp;know what I did was&nbsp;wrong, and I want to&nbsp;try to do whatever I&nbsp;can to make it right,&#8221; Mashinsky stated. He&nbsp;agreed not to appeal any&nbsp;sentence of 30 years or&nbsp;less, the maximum sentence for the two counts. His sentencing is scheduled for Apr. 8, 2025.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42300561/matterfi-introduces-infrastructure-to-address-phishing-cybersecurity-risks-in-digital-finance">MatterFi Introduces Infrastructure To Address Phishing, Cybersecurity Risks In Digital Finance</a>
Influential financial market commentator Peter Schiff said it was &#8220;obvious&#8221; that Mashinsky was a fraudster. He posted an old clip of his argument with Mashinsky over Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) yield-generating potential.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Celsius founder Alex Mashinsky finally pleaded guilty to two counts of fraud and now faces a maximum 30-year prison sentence. However, it was obvious to me that he was a fraudster based on a single conversation. Why did it take authorities so long to figure out the obvious? <a href="https://t.co/sxWpXffcPq">pic.twitter.com/sxWpXffcPq</a>
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1864106310335144191?ref_src=twsrc%5Etfw">December 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Mashinsky was <a href="https://www.benzinga.com/markets/cryptocurrency/23/07/33216173/celsius-ceo-arrested-in-wake-of-crypto-lenders-collapse-sec-files-securities-fraud-lawsuit">charged</a> with&nbsp;seven counts of fraud, conspiracy, and market manipulation in 2023 and subsequently taken into custody. 
His arrest followed the collapse of Celsius Network and a Department of Justice inquiry into the company&#8217;s downfall. The Securities and Exchange Commission also filed a lawsuit against Mashinsky and Celsius, alleging securities fraud.
Celsius was among several prominent <a href="https://www.benzinga.com/22/12/29941575/the-ftx-implosion-serves-as-a-stark-reminder-of-the-technological-promise-of-blockchain">cryptocurrency companies that imploded in 2022</a>. The collapse of Terra (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/luna/usd">LUNA</a>) and a downturn in the digital-asset markets left Celsius with a significant deficit in its balance sheet, rendering it unable to handle a surge in customer withdrawal requests. The company applied for bankruptcy protection in 2022.
However, Celsius managed to officially exit bankruptcy in early 2024, beginning a $3 billion repayment to its creditors. This marked the end of an 18-month restructuring process following the approval of the company&#8217;s reorganization plan by the Bankruptcy Court for the Southern District of New York.
Photo Courtesy: Web Summit on Flickr
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Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

$CEL

$LUNA

Celsius Network Founder Alex Mashinsky Pleads Guity To Two Counts Of Fraud, Including Manipulating In-House Crypto's Price

KULR Technology Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KULR#NASDAQ">KULR</a>) shares are up roughly 72% to $1.39 over the trailing week, though closed marginally lower Tuesday. The company last week was awarded a <a href="https://www.benzinga.com/pressreleases/24/11/g42162713/kulr-awarded-u-s-navy-contract-to-develop-high-temperature-internal-short-circuit-cells-for-enhanc">contract</a> by the U.S. Navy.
KULR early Tuesday also said the company <a href="https://www.benzinga.com/pressreleases/24/12/g42290212/kulr-announces-immediate-availability-of-nasa-certified-m35a-battery-cells-for-jsc-20793-packs">launched</a> NASA-certified M35A battery cells, qualified for space-ready JSC 20793-compliant battery packs, and integral to NASA&#8217;s Artemis II mission.
What To Know: KULR, in a press release last week, emphasized that this advancement is critical for safety-critical applications, particularly in aviation, where it aligns with the rigorous safety standards of the FAA and EASA.
Originally developed in collaboration with NASA and the National Renewable Energy Laboratory, KULR states the ISC devices induce controlled thermal runaway in lithium-ion batteries, enabling safer and more precise testing under highly controlled conditions.
KULR also highlighted that the improved devices will deliver deeper insights into battery performance under extreme conditions, bolstering resilience and enhancing safety across high-stress environments, supporting both military, commercial and industrial applications.
Read Also: <a href="https://www.benzinga.com/news/global/24/12/42299162/us-stocks-pause-south-korea-etfs-fall-on-political-turmoil-oil-prices-rise-above-70-whats-driving-markets-tuesday">US Stocks Pause, South Korea ETFs Fall On Political Turmoil, Oil Prices Rise Above $70: What&#8217;s Driving Markets Tuesday?</a>
<h2 class="wp-block-heading">How To Buy KULR Stock</h2>
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in KULR Tech Group's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, KULR has a 52-week high of $1.67 and a 52-week low of $0.10.

KULR

KULR Technology Stock Is Up 70% Over The Past Week: What's Going On?

Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) CEO Mark Zuckerberg is seeking to play an &#8220;active role&#8221; in shaping technology policies under the administration of President-elect Donald Trump.
What Happened: On Tuesday in a briefing with journalists, Nick Clegg, Meta&#8217;s president of global affairs, said that Zuckerberg intends to play &#8220;an active role&#8221; in discussions about preserving U.S. leadership in technology, <a href="https://www.ft.com/content/69f86be5-ecdd-4222-92aa-3df0a8db213c">reported</a> the Financial Times.
Last week, it was reported that <a href="https://www.benzinga.com/markets/24/11/42227958/mark-zuckerberg-and-trump-reportedly-met-at-mar-a-lago">Zuckerberg met with Trump</a> at Mar-a-Lago, expressing gratitude for the invitation.
Clegg also admitted that the company &#8220;overdid it a bit&#8221; with content moderation during the pandemic, which seems to be an effort to appease Trump, who has accused Meta of censorship.
See Also: <a href="https://www.benzinga.com/news/global/24/12/42260943/tesla-rival-byd-assembles-over-30-of-ipads-for-apple-and-plans-ai-robots-for-nvidia-how-warren-buffett-backed-firm-is-supporting-tim-cook-led-tech-empire?itm_source=parsely-api">BYD Surpassed Tesla In Quarterly Revenue For The First Time In Q3. It Assembles Over 30% Of iPads For Apple, And Is Now Planning To Build AI Robots For Nvidia</a>
The Meta executive said that the company is <a href="https://www.benzinga.com/tech/24/12/42302411/meta-platforms-talks-political-misinformation-content-moderation-in-latest-blog">committed to refining its content</a> moderation practices to ensure "precision and accuracy," admitting the company has faced user backlash over removing non-harmful content.
Why It Matters: Earlier this year, Trump had threatened legal action against Zuckerberg, accusing him of plotting against him while appearing friendly during visits to the Oval Office.
In July this year, <a href="https://www.benzinga.com/news/24/07/39759624/meta-removes-heightened-penalties-on-donald-trumps-accounts-a-day-after-ex-president-threatens-to-pu">Meta lifted additional restrictions</a> on Trump&#8217;s accounts, after he threatened to take legal action against Zuckerberg.
Meanwhile, Meta reported <a href="https://www.benzinga.com/news/earnings/24/10/41637326/meta-platforms-q3-earnings-revenue-beat-eps-beat-daily-actives-up-5-strong-momentum-in-ai">third-quarter revenue</a> of $40.59 billion, surpassing <a href="https://www.benzinga.com/calendars/earnings">analyst expectations</a> of $40.29 billion. The company also reported adjusted earnings of $6.03 per share for the quarter, exceeding the projected $5.25 per share.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
This marks the seventh straight quarter in which Meta has outperformed analyst estimates for both revenue and earnings, <a href="http://pro.benzinga.com/">according to Benzinga Pro</a>.
Price Action: Meta&#8217;s stock rose 3.51% on Tuesday, finishing the day at $613.65. During after-hours trading, it saw a slight uptick of 0.059%, reaching $614.01. Year-to-date, Meta&#8217;s shares have surged by 77.21%, significantly outperforming the Nasdaq 100 index, which has gained 28.32% in the same period.
Based on evaluations from 41 analysts, Meta&#8217;s consensus price target stands at $639.05, with the highest projection of $811 issued by Rosenblatt on Oct. 31, 2024. Recent ratings from Raymond James, Wells Fargo, and Citigroup average at $673.67, implying a potential 9.72% upside.
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/quote/META/analyst-ratings"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/03210454/Screenshot-2024-12-04-at-7.34.49%E2%80%AFAM-1024x363.png" alt="" class="wp-image-675599" /></a></figure>
Image via Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Media

Zuckerberg Seeks 'Active Role' In Trump's Tech Policies, Says Top Executive — Admits Meta 'Overdid It' During Pandemic Content Crackdown

Leading cryptocurrencies traded flat Tuesday even as the stock market closed at new records.&nbsp;
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>-0.35%</td>
<td>$95,699.46</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-0.27%</td>
<td>$3,627.03</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>-1.50%</td>
<td>$0.4143</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin had a rocky journey, falling to $93,645 in the morning before recovering to $96,000.
The volatility came amid <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">huge political drama</a> in South Korea, as President Yoon Suk Yeol revoked a martial law decree just hours after it was announced.
Bitcoin's market dominance fell by more than 6%, while altcoins recorded a significant jump in share.&nbsp;
The volatile movement led to more than $621 million in cryptocurrency liquidations in the last 24 hours, with bullish leveraged bets accounting for $389 million.
Bitcoin's Open Interest (OI) fell by 2.26% in the last 24 hours. Interestingly, most top traders, i.e., those with the highest margin balance, continue to be bullish on Bitcoin, as per the Long/Shorts Ratio.
The "Extreme Greed" strengthened from 76 to 78 in the last 24 hours, per the Cryptocurrency Fear &amp; Greed Index, indicating expectations of future upsides.
Top Gainers (24-Hours)
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 7:45 p.m. ET)</td>
</tr>
<tr>
<td>Reserve Rights (RSR)</td>
<td>+162.63%</td>
<td>$0.02651</td>
</tr>
<tr>
<td>Tron (TRX)</td>
<td>+90.37%</td>
<td>$0.4195</td>
</tr>
<tr>
<td>Neo (NEO)</td>
<td>+39.77%</td>
<td>$25.08</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market capitalization stood at $3.52 trillion, following an increase of 1.70% in the last 24 hours.
Major stock indexes closed at new records on Tuesday. The S&amp;P 500 gained 0.05% to end at 6,049.88, while the tech-focused Nasdaq Composite closed 0.40% higher to 19,480.91, setting a new intraday record of 19,486.14.
The Dow Jones Industrial Average, meanwhile, dropped 0.17% to close at 44,705.53.
Exchange-traded funds tracking the South Korean market fell amid political drama surrounding martial law. The iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) closed down 1.59% to $55.81, while the Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) declined 0.84% to $18.78.
Investors parsed labor market data that revealed a <a href="https://www.benzinga.com/24/12/42298121/crude-oil-surges-2-us-job-openings-increase-in-october">higher-than-expected jump</a> in job openings for October compared to September.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett made a bold prediction about Ethereum's future price moves.
"If I&#8217;m right about ETH, it trades back to $1,000 from current levels. If I&#8217;m wrong, Ethereum breaks $3,700 to target $4,000," he said. "I&#8217;ve placed my bet. I&#8217;ll be here to call out levels to watch if I&#8217;m right or admit if I&#8217;m wrong."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If I&#39;m right about <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, it trades back to $1k from current levels. If I&#39;m wrong, <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> breaks $3,700 to target $4k+. No ego or emotions, just sharing what I see. I&#39;ve placed my bet. I&#39;ll be here to call out levels to watch if I&#39;m right or admit if I&#39;m wrong. <a href="https://t.co/sb5ST5Xu5z">pic.twitter.com/sb5ST5Xu5z</a>
&mdash; Justin Bennett (@JustinBennettFX) <a href="https://twitter.com/JustinBennettFX/status/1863987702766403638?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Influential cryptocurrency market observer Michaël van de Poppe noted how the altcoins were logging double-digit gains on a daily basis.
"The good thing: we&#8217;re just getting started. The bad thing: people will lose a lot, too," he remarked.&nbsp;
Van De Poppe advised his followers not to chase FOMO and "take profits of the table."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The <a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> are extremely heating up at this point. Double-digit returns day after day; it&#39;s great. The good thing: we&#39;re just getting started. The bad thing:people will lose a lot, too. Make sure to avoid chasing FOMO in those positions and take profits of the table.
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1864003415304770024?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Photo by Igor Faun on Shutterstock
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$DOGE

FLKR

Bitcoin, Ethereum, Dogecoin Power Down Amid South Korea Political Turmoil: Analyst Shares Strategy For Altcoin Holders — Avoid Chasing FOMO, Take Profits

The U.S. stock markets were mixed on Tuesday, with the Dow Jones index dropping over 70 points. The NASDAQ and the S&amp;P 500 ended the day in the green, rising by 0.4% and 0.05% respectively.
These are the top stocks that gained the attention of retail traders and investors throughout the day.
Palantir Technologies Inc.
Palantir Technologies saw its stock rise by 6.88%, closing at $70.96. The stock reached an intraday high of $71.37 and a low of $66.15, marking a new 52-week high. The company announced it received FedRAMP High Authorization for its&nbsp;<a href="https://www.benzinga.com/news/legal/24/12/42292744/whats-going-on-with-palantir-technologies-stock-today-9">Federal Cloud Service</a>, enabling it to offer secure cloud services to U.S. government agencies.
Salesforce Inc.
Salesforce&#8217;s stock edged up by 0.13%, closing at $331.43. It hit an intraday high of $332.80 and a low of $323.65. The company reported third-quarter revenue of $9.44 billion, surpassing analyst expectations, though its earnings per share missed estimates. Salesforce highlighted a <a href="https://www.benzinga.com/news/earnings/24/12/42302924/salesforce-q3-earnings-revenue-beat-eps-miss-free-cash-flow-up-30-ai-driving-groundbreaking-transformation-and-more">30% increase</a> in free cash flow, driven by AI advancements.
Okta Inc.
Okta&#8217;s shares increased by 1.06%, closing at $81.71. The stock&#8217;s intraday high was $81.88, with a low of $79.58. The company reported a strong third-quarter performance, with revenue and earnings per share both beating estimates. Okta&#8217;s&nbsp;<a href="https://www.benzinga.com/news/earnings/24/12/42303322/okta-q3-earnings-revenue-beat-eps-beat-strong-guidance-shares-surge">guidance</a>&nbsp;remained robust, boosting investor confidence.
Meta Platforms Inc.
Meta Platforms experienced a 3.51% increase, closing at $613.65. The stock reached a high of $614.20 and a low of $591.25. The company addressed its evolving role in <a href="https://www.benzinga.com/tech/24/12/42302411/meta-platforms-talks-political-misinformation-content-moderation-in-latest-blog">content moderation</a> amid global elections, which may have influenced investor sentiment.
Tesla Inc.
Tesla&#8217;s stock fell by 1.59%, closing at $351.42. It recorded an intraday high of $355.69 and a low of $348.2. The Elon Musk-led company reportedly gave its Cybertruck production line workers three days off, as per a <a href="https://www.benzinga.com/24/12/42283708/tesla-gives-cybertruck-production-line-workers-three-days-off-report">recent report</a>, which might have impacted its stock performance. The schedule of workers on the Cybertruck line has reportedly been inconsistent since late October.
Prepare for the day&#8217;s trading <a href="https://editorial.benzinga.com/wp-admin/Premarket%20Movers%20&amp;%20News">with top premarket movers and news</a> by Benzinga.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42256519/shiba-inu-soars-to-eight-month-high-up-13-as-meme-coins-rally?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Shiba Inu Soars To Eight-Month High, Up 13% as Meme Coins Rally</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

OKTA

Palantir, Salesforce, Okta, Meta, And Tesla: Why These 5 Stocks Are On Investors' Radars Today

South Korean markets traded sharply lower on Wednesday following a dramatic political upheaval that saw President Yoon Suk Yeol briefly impose and then quickly withdraw martial law <a href="https://www.benzinga.com/news/global/24/12/42301885/south-korea-etfs-won-pare-losses-as-yoon-makes-u-turn-on-martial-law-declaration">after facing parliamentary opposition</a>.
What Happened: The benchmark Kospi index fell 1.15% to 2,471.27, while the tech-heavy Kosdaq 100 dropped 2.64% as of 9:49 am local time, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>. 
The political uncertainty particularly affected major technology and industrial stocks, with Samsung Electronics Co. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) declining 1.12%.
NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) supplier SK Hynix (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HXSCF#OTC">HXSCF</a>) saw its shares drop 0.061%. Other industrial heavyweights also suffered, with Hyundai Motor (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HYMTF#OTC">HYMTF</a>) falling 0.70% and U.S.-listed Posco Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKX#NYSE">PKX</a>) declining 4.36% to $47.77 on Tuesday&#8217;s regular session. Still, the stock recovered marginally in after-hours trading.
U.S.-based funds tracking South Korean equities showed signs of recovery in after-hours trading, with the iShares MSCI South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) rebounding 0.25% after earlier losses exceeding 6%. The Franklin FTSE South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLKR#NYSE">FLKR</a>) gained 0.53% after hours.
The political turbulence also impacted currency markets, with the South Korean won weakening 0.21% against the U.S. dollar to 1,416.65. 
The market reaction highlights South Korea&#8217;s crucial role in global supply chains, particularly in semiconductor manufacturing and automotive production, where many companies serve as essential suppliers to major U.S. firms.
Read Next: 
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<li><a href="https://www.benzinga.com/news/global/24/12/42305773/key-stocks-etf-to-watch-as-french-government-faces-no-confidence-vote">Key Stocks, ETF To Watch As French Government Faces No-Confidence Vote</a></li>
</ul>
Image Via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Asia

Global

HXSCF

HYMTF

South Korean Markets Plunge Amid Political Turmoil As President Yoon's Martial Law U-Turn Sparks Uncertainty: Samsung, SK Hynix, And Hyundai Stocks Tumble

On Tuesday, Pershing Square Capital Management CEO Bill Ackman slammed what he said were attempts by the Biden administration to &#8220;make permanent the Deep State&#8221; in a post on X. 
What Happened: Ackman said, &#8220;Biden is attempting to make permanent the Deep State before he leaves office by burdening the government with untenable contracts so that [Donald Trump] and [Department of Government Efficiency] cannot succeed.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">!! <a href="https://t.co/guc4kZbL2I">https://t.co/guc4kZbL2I</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1864077188380684576?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
 He said, &#8220;This needs to stop now.&#8221; The post evoked a reaction from Elon Musk, who is the co-lead of the potential government advisory commission under the upcoming Trump administration. Ackman also shared a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-12-03/biden-administration-locks-in-wfh-policies-for-some-federal-staff-ahead-of-trump">report</a> which noted that the move that could potentially disrupt President-elect Trump&#8217;s plans to reshape the federal workforce, the Biden administration has secured hybrid work protections for tens of thousands of federal employees.
The American Federation of Government Employees and the Social Security Administration reached an agreement last week, safeguarding telework until 2029. The AFGE represents 42,000 SSA workers. Biden&#8217;s recently departed SSA Commissioner Martin O&#8217;Malley finalized a new deal that protects the worker&#8217;s current remote work agreements.
The report suggested that unions have been pushing the Biden administration to renew collective bargaining agreements with federal employees ahead of the Trump inauguration on January 20.
See Also: <a href="https://www.benzinga.com/24/12/42258387/biden-grants-full-and-unconditional-pardon-to-hunter-i-hope-americans-will-understand?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Grants &#8216;Full And Unconditional&#8217; Pardon To Hunter: &#8216;I Hope Americans Will Understand&#8217;</a>
Why It Matters: DOGE been vocal about their plans to cut government spending and streamline operations. Musk has been using his social media platform to <a href="https://www.benzinga.com/news/24/11/42154736/elon-musks-social-media-onslaught-targets-federal-employees">criticize specific government departments and individuals</a>.
Musk and Ramaswamy have <a href="https://www.benzinga.com/24/11/42140065/with-musk-and-ramaswamy-preparing-to-slash-entire-government-agencies-heres-which-departments-employ-the-most-americans-and-their-salaries">hinted at the possibility</a> of reducing or eliminating certain federal agencies, as reported by <a href="https://www.benzinga.com/24/11/42140065/with-musk-and-ramaswamy-preparing-to-slash-entire-government-agencies-heres-which-departments-employ-the-most-americans-and-their-salaries">Benzinga</a>. The recent move by the Biden administration to secure WFH policies could potentially complicate these plans.
Ackman said earlier this month that he would consider joining DOGE. Notably, Ackman is a <a href="https://www.benzinga.com/general/health-care/24/11/41849583/bill-ackman-says-hed-consider-joining-elon-musks-department-of-government-efficiency-under-trump">strong supporter</a> of the President-elect and has stated that he is unfazed by market reactions to a second Trump administration.
Notably, the buzz around DOGE has propelled Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) at times. The latest <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42258934/dogecoin-bounces-9-after-bernie-sanders-views-align-with-elon-musks-doge-department">such boost</a> came when Sen. Bernie Sanders (I-Vt.) expressed support for Musk&#8217;s plan to ax wasteful defense spending.
Did You Know?
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