OCA Acquisition (OTC:OCAXU) Stock, Quote.Headers.trade-ideas

OCA Acquisition Corp is a blank check company.

OCA Acquisition Corp Units (1 Ord Class A & 1/2 War)

OCA Acquisition Corp

News

TIPT

Tiptree's Fortegra Group Expands To UK With Regulatory Approval For New Insurance Subsidiary

The Convertible Notes will have an initial conversion rate of 5.2005 shares of the company's common stock per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $192.29 per share of the company's common stock). The initial conversion price represents a premium of approximately 40% to the $137.35 per share closing price of the company's common stock on The New York Stock Exchange on December 3, 2024.

Reported Earlier, Live Nation Entertainment Prices $1B Offering Of 2.875% Convertible Senior Notes Due 2030

Revolution Medicines, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RVMD#NASDAQ">RVMD</a>), a clinical-stage oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced the pricing of 14,130,436 shares of its common stock at a public offering price of $46.00 per share, before underwriting discounts and commissions, and, in lieu of shares of common stock, to certain investors, pre-funded warrants to purchase 2,173,917 shares of common stock at a public offering price of $45.9999, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant

RVMD

Reported Earlier, Revolution Medicines Prices Upsized $750M Public Offering Of 14,130,436 Common Stock At $46/Shares And Pre-Funded Warrants

LUNR

Reported Earlier, Intuitive Machines Prices Upsized $110M Offering 9,523,810 Class A Common Shares At $10.50/Share And Concurrent Private Placement

BILL intends to use: (i) approximately $130.8 million of the net proceeds to repurchase approximately $133.9 million aggregate principal amount of its outstanding convertible senior notes due 2025 (the "2025 Notes"), (ii) approximately $408.6 million of the net proceeds to repurchase approximately $451.5 million aggregate principal amount of its outstanding convertible senior notes due 2027 (the "2027 Notes" and, together with the 2025 Notes, the "Existing Notes"), (iii) approximately $200.0 million of the net proceeds to repurchase 2,260,397 shares of BILL's common stock (the "common stock") in privately negotiated transactions, (iv) approximately $83.0 million of the net proceeds to pay the cost of the capped call transactions described below, and (v) the remaining net proceeds for general corporate purposes, which may include additional repurchases of the Existing Notes from time to time following the offering, or the repayment at maturity, of the Existing Notes, additional repurchases of the common stock, working capital, capital expenditures and potential acquisitions and strategic transactions.

BILL

BILL Holdings Prices Upsized $1.25B 0% Convertible Senior Notes Due 2030

Earnings

Burning Rock Q3 EPS RMB(0.35) Up From RMB(1.71) YoY, Revenues RMB128.644M Up From RMB127.566M YoY

The CNN Money Fear and Greed index remained in the &#8220;Greed&#8221; zone on Tuesday.
U.S. stocks settled mixed on Tuesday, with the S&amp;P 500 hitting another record close during the session.
Shares of Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) surged to a new 52-week high on Tuesday. Shares of Zscaler Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) fell around 4.7% on Tuesday following first-quarter results.
On the economic data front, the number of job openings rose by 372,000 to 7.744 million in October compared to a revised reading of 7.372 million in September and higher than market estimates of 7.48 million.
Most sectors on the S&amp;P 500 closed on a negative note, with utilities, industrials, and financial stocks recording the biggest losses on Tuesday. However, communication services and information technology stocks bucked the overall market trend, closing the session higher.
The Dow Jones closed lower by around 76 points to 44,705.53 on Tuesday. The S&amp;P 500 rose 0.05% to 6,049.88, while the Nasdaq Composite climbed 0.40% at 19,480.91 during Tuesday's session.
Investors are awaiting earnings results from Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>), Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>), and PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 62.3, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 62.4.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42293707/jim-cramer-prefers-this-delivery-giant-over-ups">Jim Cramer Prefers FedEx Over This Delivery Giant That &#8216;Screwed Up A Lot Of Holiday Seasons&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Pre-Market Outlook

Markets

AAPL

DLTR

S&P 500 Hits Another High As Apple Tops $242 For The First Time: Fear Index Remains In 'Greed' Zone

With U.S. stock futures trading higher this morning on Wednesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) to report quarterly earnings at $1.07 per share on revenue of $7.44 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Dollar Tree shares rose 1.2% to $73.35 in after-hours trading.</li>
<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) posted downbeat earnings for its third quarter, while sales topped estimates. The company also said it sees full-year 2025 revenue of $37.8 billion to $38 billion and full-year adjusted earnings to be between $9.98 and $10.03 per share. Salesforce shares jumped 10.6% to $366.47 in the after-hours trading session.</li>
<li>Analysts expect Hormel Foods Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) to post quarterly earnings at 42 cents per share on revenue of $3.14 billion. The company will release earnings before the markets open. Hormel Foods shares slipped 0.1% to $31.81 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Marvell Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) reported better-than-expected third-quarter financial results and issued fourth-quarter guidance above estimates. Marvell Technology shares jumped 10.8% to $106.30 in the after-hours trading session.</li>
<li>Analysts expect PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) to post quarterly earnings at $2.59 per share on revenue of $2.22 billion after the closing bell. PVH shares fell 0.1% to $111.50 in after-hours trading.</li>
</ul>
Check This Out:
<ul>
<li><a href="https://www.benzinga.com/24/12/42293707/jim-cramer-prefers-this-delivery-giant-over-ups"> Jim Cramer Prefers FedEx Over This Delivery Giant That &#8216;Screwed Up A Lot Of Holiday Seasons&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Trading Ideas

MRVL

Dollar Tree, Salesforce And 3 Stocks To Watch Heading Into Wednesday

The notes will be senior unsecured obligations of indie, and interest on the notes will be payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2025. The notes will mature on December 15, 2029, unless earlier repurchased, redeemed or converted.
indie estimates that the net proceeds from the offering will be approximately $183.3 million (or approximately $210.9 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting fees and estimated offering expenses payable by indie. indie expects to use approximately $20.3 million of the net proceeds from the notes offering to pay the cost of the capped call transactions (as defined below)

INDI

indie Semiconductor Prices $190M 3.50% Convertible Notes Due 2029

Ford Motor Co.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) UK chair Lisa Brankin has reportedly called on the government to provide consumer incentives of up to £5,000 (approx. $6,350) per car to boost electric vehicle demand.
What Happened: Direct support for consumers to purchase electric vehicles is crucial for the automotive industry to hit net zero milestones, Brankin said, as<a href="https://news.sky.com/story/fords-uk-boss-demands-taxpayer-incentives-to-drive-electric-car-future-13266038"> reported</a> by Sky News. Demand for EVs has fallen from the time the milestones were set, she added.
&#8220;The mandate is a really aggressive trajectory to 2030 and the phase out of new petrol and diesel vehicles. For us to get a return on our investment as a manufacturer &#8211; we have spent £380m here [at Halewood] and £2bn in Cologne &#8211; we need and want to sell electric vehicles. The problem is customers are not moving as we would want,&#8221; she said.
&#8220;The number one thing we want is direct customer incentives, perhaps a scrappage scheme, we have been calling for a cut in VAT on electric vehicles. Something that will incentivize customers to buy EVs, and incentivize the van and car sales that we badly need in the UK.&#8221;
Brankin added that the incentives would need to be &#8220;substantial.&#8221;
Why It Matters: The European car industry is currently faced with intense challenges towards EV transition including <a href="https://www.benzinga.com/tech/24/12/42263381/tesla-registrations-tumble-64-in-uk-in-october-even-as-overall-ev-registrations-rise">softening demand and competition from Chinese EV makers</a>.
The UK government is currently reviewing its mandate which requires 22% of cars sold this year to be electric and higher every year until new <a href="https://www.benzinga.com/markets/equities/23/09/34760132/ford-says-uk-petrol-car-ban-delay-could-risk-ev-transition-report">petrol and diesel car sales are banned</a> in 2035. Manufacturers will have to pay a fine if unable to meet the targets.
According to data from the Society of Motor Manufacturers and Traders (SMMT), Ford&#8217;s new car registrations in the UK have fallen by 23.7% this year as of the end of October to 94,519 units. In 2023, the company had 123,894 car registrations in the UK as of the end of the first ten months. 
However, its Ford Puma continues to be among the best-selling car models in the country. 
Check out more of Benzinga&#8217;s Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42259569/chinese-ev-behemoth-and-tesla-rival-byd-marks-68-growth-in-november-sales-on-rising-popularity-of-plug-in-hybrid-evs" target="_blank" rel="noreferrer noopener">Tesla Rival BYD Marks 68% Growth In November Sales Driven By Popularity Of Plug-In Hybrid EVs</a></li>
</ul>
Photo courtesy: Ford

Global

Tech

Ford UK Chair Calls For 'Substantial' Incentives To Boost EV Demand: 'We Need And Want To Sell Electric Vehicles'

Chewy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHWY#NYSE">CHWY</a>) will release earnings results for the third quarter, before the <a href="https://www.benzinga.com/quote/CHWY/earnings">opening bell on Wednesday, Dec. 4</a>.
Analysts expect Chewy to report quarterly earnings at 23 cents per share. That's up from 15 cents per share a year ago. The Plantation, Florida-based company projects to report quarterly revenue of $2.86 billion, compared to $2.74 billion a year earlier, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
Chewy missed analyst estimates for revenue in the last quarter while beating estimates in seven of the last 10 quarters.
Chewy shares slipped by 0.03% to close at $33.62 on Tuesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/CHWY/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Piper Sandler analyst Peter Keith maintained the stock with an Overweight rating and raised the price target from $35 to $40 on Dec. 2. This analyst has an accuracy rate of 76%.</li>
<li>Baird analyst Justin Kleber maintained an Outperform rating and increased the price target from $35 to $40 on Nov. 25. This analyst has an accuracy rate of 67%.</li>
<li>Deutsche Bank analyst Lee Horowitz maintained a Hold rating and boosted the price target from $24 to $28 on Nov. 22. This analyst has an accuracy rate of 62%.</li>
<li>B of A Securities analyst Curtis Nagle upgraded the stock from Underperform to Buy and increased the price target from $24 to $40 on Nov. 20. This analyst has an accuracy rate of 63%.</li>
<li>Barclays analyst Trevor Young maintained an Overweight rating and boosted the price target from $34 to $40 on Nov. 18. This analyst has an accuracy rate of 62%.</li>
</ul>
Considering buying CHWY stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="606" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04012332/image-25-1024x606.png" alt="" class="wp-image-675806" style="width:621px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04012332/image-25-1024x606.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04012332/image-25-300x178.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04012332/image-25-768x455.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/04012332/image-25.png 1118w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Read This Next: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42293707/jim-cramer-prefers-this-delivery-giant-over-ups">Jim Cramer Prefers FedEx Over This Delivery Giant That &#8216;Screwed Up A Lot Of Holiday Seasons&#8217;</a></li>
</ul>

Price Target

Analyst Ratings

CHWY

Chewy Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

VALN

Valneva Unveils Key Insights On Chikungunya's Health And Economic Toll In The British Medical Journal

Gaotu Techedu (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOTU#NYSE">GOTU</a>) reported quarterly losses of RMB(1.78) per share which missed the analyst consensus estimate of RMB(0.97) by 83.51 percent. The company reported quarterly sales of RMB1.208 billion which missed the analyst consensus estimate of RMB1.211 billion by 0.24 percent. This is a 53.03 percent increase over sales of RMB789.400 million the same period last year.

Earnings Misses

GSX Techedu Inc. American Depositary Shares

GOTU

Gaotu Techedu Q3 2024 Adj. EPS RMB(1.78) Misses RMB(0.97) Estimate, Sales RMB1.208B Miss RMB1.211B Estimate

A widely-followed cryptocurrency analyst reiterated his bullish forecast for Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) on Tuesday, calling the $1.30-$1.50 range a &#8220;point of interest.&#8221;
What Happened: Kevin, known for sharing insights and forecasting price movements of the world&#8217;s largest meme coin, reaffirmed his predictions from September. 
&#8220;This is still my opinion. Anything in between these targets is also possible,&#8221; he said.
The X post he referred to set bold price targets for Dogecoin in the ongoing cycle. 
&#8220;If we get a true bull this cycle, then my price targets are .93 cents (good performance) &#8211; $2.27 (Huge outperformance) &#8211; $3.80 (astronomical performance),&#8221; the analyst had said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is still my opinion. Anything in between these targets is also possible. I can see $1.30-$1.50 also as its a point of interest on my macro chart. <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://t.co/B7Lorw7Pnx">https://t.co/B7Lorw7Pnx</a>
&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1863733774237786136?ref_src=twsrc%5Etfw">December 2, 2024</a></blockquote>
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<figcaption class="wp-element-caption">Adding to the older estimate, Kevin stated that the $1.30-$1.50 range was also a viable target. Should the cryptocurrency do as such, it&#8217;d mean a 212%-260% upside from the current value.</figcaption></figure>
The Relative Strength Index indicator was in the neutral zone as of this writing, having dipped below 70 earlier this week, data from TradingView showed.
The Moving Average Convergence Divergence, a popular momentum oscillator indicator, flashed a &#8216;Sell&#8217; signal, with the Moving Average Convergence Divergence line crossing below the signal line. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42307121/celsius-network-founder-alex-mashinsky-pleads-guity-to-two-counts-of-fraud-including-manipulating-in-house-cryptos-price">Celsius Network Founder Alex Mashinsky Pleads Guity To Two Counts Of Fraud, Including Manipulating In-House Crypto&#8217;s Price</a>
Why It Matters:  Kevin&#8217;s remark coincided with the cryptocurrency market&#8217;s volatile moves on Tuesday, <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">fueled by political uncertainty</a> in South Korea.
Dogecoin was also impacted as long-term holders of the cryptocurrency liquidated their stash, evidenced by a 0.88% drop in their balance seen from IntoTheBlock <a href="https://app.intotheblock.com/">data</a>.
Additionally, large transaction volume soared 41%, implying strong participation from whales. 
Price Action: At the time of writing, DOGE was trading at $0.4163, down 1.07% 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: 
<ul>
<li><a href="https://www.benzinga.com/24/12/42307265/xrp-becomes-third-most-valued-cryptobeats-boeing-nike-in-market-capitalization">XRP Becomes Third-Most Valued Crypto — Beats Boeing, Nike In Market Capitalization</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$DOGE

Dogecoin's Value Could Soar 212%-260% Says Crypto Analyst: Notes 'Point Of Interest' On Macro Chart

On Tuesday, Bluesky COO Rose Wang addressed the platform&#8217;s stance on political neutrality amid it getting labels such as being anti-Elon Musk.
What Happened: During a conversation with Bloomberg TV,&nbsp; Wang discussed Bluesky&#8217;s rapid growth following the 2024 U.S. Presidential election, noting that over 10 million U.S. users have joined.
She also responded to concerns about the platform being perceived as left-leaning or an anti-Musk network, stating that Bluesky aims to serve a global, diverse user base with no specific political agenda.
See Also: <a href="https://www.benzinga.com/tech/24/12/42256173/features-delay-in-ios-19-tim-cooks-trump-strategy-and-airpods-pro-2s-hearing-aid-feature-this-week-in-appleverse?itm_source=parsely-api">Features Delay In iOS 19, Tim Cook&#8217;s Trump Strategy, And Airpods Pro 2&#8217;s Hearing Aid Feature: This Week In Appleverse</a>
The COO also shed light on the platform&#8217;s monetization model. She said that Bluesky would not charge for core functions like speech.
&#8220;We would never put speech behind a paywall,&#8221; but instead offer features like custom icons and longer video uploads through paid subscriptions.
When asked if Bluesky has any potential plans to relocate its headquarters to avoid confrontation with Musk or President-elect Donald Trump, Wang said that they are a remote team.
"We want to continue to be a remote team and to be able to be reactive to the different needs of our global audience," Wang stated.
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.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&quot;We would never put speech behind a paywall.&quot; Bluesky COO Rose Wang discusses the social media platform&#39;s meteoric rise post-election and its user base <a href="https://t.co/8jKykYV8yS">https://t.co/8jKykYV8yS</a> <a href="https://t.co/jEhxUIUPU2">pic.twitter.com/jEhxUIUPU2</a>
&mdash; Bloomberg TV (@BloombergTV) <a href="https://twitter.com/BloombergTV/status/1864062373725663288?ref_src=twsrc%5Etfw">December 3, 2024</a></blockquote>
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Why It Matters: Earlier it was reported that following Trump's win, Taylor Swift&#8217;s fanbase, known as &#8220;Swifties,&#8221; <a href="https://www.benzinga.com/24/11/41872302/taylor-swift-fans-abandon-elon-musks-x-for-bluesky-how-trumps-election-victory-triggered-swifties-uprising">started migrating</a> from Musk&#8217;s social media platform X, formerly Twitter to Bluesky.
Musk&#8217;s support for Trump clashed with the Swifties&#8217; community values and was cited as the main reason behind this migration.
Similarly, earlier this year, the Tesla CEO's <a href="https://www.benzinga.com/news/24/08/40357647/elon-musk-might-have-triggered-a-bluesky-user-boom-with-his-controversial-uk-riot-remarks-report">controversial remarks</a> about the U.K. riots led to a surge in Bluesky&#8217;s user activity.
In October earlier this year, Bluesky raised $15 million in Series A funding with plans to introduce subscriptions.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Image via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/tech/24/11/42253830/elon-musk-agrees-with-steve-jobs-on-the-most-important-job-of-a-ceo-heres-what-the-legendary-apple-co-founder-had-to-say?itm_source=parsely-api">Elon Musk Agrees With Steve Jobs On The Most Important Job Of A CEO: Here&#8217;s What The Legendary Apple Co-Founder Had To Say</a></li>
</ul>

Social Media

Media

Bluesky COO Rose Wang Addresses Platform's Anti-Musk Label, Monetization Plans: 'We Would Never Put Speech Behind A Paywall'

Macro Economic Events

Econ #s

Economics

Reported Earlier, China Caixin Services Purchasing Managers Index For November 51.5 Vs. 52.5 Est.; 52.0 Prior

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, au Jibun Bank Japan Services Purchasing Managers' Index For November 50.5 Vs. 50.2 Est.; 49.7 Prior

Reported Earlier, Australia Gross Domestic Product (QoQ) For Q3 0.3% Vs. 0.5% Est.; 0.2% Prior

Reported Earlier, Australia Gross Domestic Product (YoY) For Q3 0.8% Vs. 1.1% Est.; 1.0% Prior

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

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