Bitcoin Tops $71,000 as Trump’s Election Chances Rise: Bitcoin experienced a strong rally in Monday evening trading,
reaching $71,000, and continued to build on these gains during Tuesday morning trading,
marking its highest level since June.
This rise comes as the U.S. presidential election draws closer.
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Adidas Sales Increase in Q3
German company Adidas announced preliminary results for Q3 2024,
showing growth in sales in China and a decline in North America.
According to Tuesday’s statement, Adidas’ sales in Greater China,
including the mainland and autonomous regions,
rose 9% year-on-year to €946 million (approximately $1.02 billion) at constant exchange rates.
Conversely, the company’s quarterly sales in North America dropped
by 7% to €1.36 billion after currency adjustments.
However, data indicates a sales increase in the region when excluding sales from the Yeezy brand, as reported by Reuters.
Bitcoin Tops $71,000 as Trump’s Election Chances Rise
Bitcoin saw a strong surge in Monday evening trading, reaching $71,000,
and continued its upward trend during Tuesday morning trading,
recording its highest level since June.
This increase comes as the U.S. presidential election approaches.
Bitcoin received additional support amid speculation of a victory by Democratic candidate Donald Trump,
who is known for his supportive stance on the cryptocurrency market.
Trump stated last night that votes for the Democrats may rise to “rescue”
the current U.S. economic situation under the Biden administration,
adding further positive momentum for Bitcoin.
Boeing Raises $21 Billion Through Stock Sales to Address Liquidity and Production Challenges
Boeing has raised around $21 billion through a stock sale,
marking one of the most considerable fundraising efforts by a publicly listed company.
This move comes as the company’s cash reserves have been heavily impacted by increasing pressures on its operations.
According to the company’s statement,
according to Bloomberg, 112.5 million common shares were sold at $143 each,
representing a 7.7% discount from Friday’s closing price of $155.01.
Additionally, Boeing sold $5 billion worth of depositary shares,
representing 4% of its total preferred shares, which are mandatorily convertible.
This round of funding aims to improve the company’s financial position,
a pressing task for new CEO Kelley Ortberg.
Boeing faces the fallout from years of disruptions and ongoing regulatory investigations into quality issues.
Boeing also faces additional challenges, including a seven-week employee strike,
disrupting the production of 737 Max planes and incurring significant costs,
and threats of credit rating downgrade due to cash depletion.
Boeing is expected to draw down approximately $4 billion from its cash reserves during Q4 2024,
bringing the total withdrawals for this year to around $14 billion.
Yesterday, Boeing announced an offering of 90 million common shares
and nearly $5 billion in depositary shares, aiming to raise $19 billion based on Friday’s closing share price.
On October 23, the company received approval from the
Securities and Exchange Commission to increase to $25 billion through
stock and debt sales and secured a $10 billion credit line from select lenders.
Bitcoin Tops $71,000 as Trump’s Election Chances Rise