U.Today, the largest cryptocurrency by market capitalization, continued its gains since the beginning of the week, surpassing the $63,000 level. Bitcoin topped $63,526 in Thursday’s session and is poised for a third straight day of gains since September.
In his usual capacity, Michael Saylor, CEO and co-founder of MicroStrategy, has responded to Bitcoin’s surge. In a recent tweet, Saylor made a tongue-in-cheek but telling statement: “Eat a Bitcoin burger.”
The tweet, while light-hearted, underscores Saylor’s unwavering support for Bitcoin. Under Saylor’s leadership, MicroStrategy has become one of the largest institutional holders of Bitcoin, with over 244,800 BTC in its reserves.
MicroStrategy announced the pricing of its Convertible Senior Notes offering yesterday. On September 16, 2024, MicroStrategy issued a redemption notice pursuant to which the Senior Secured Notes will be redeemed on September 26, 2024.
MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $864.1 million. In a press release, MicroStrategy said it intends to employ the net proceeds from the offering to redeem all of $500 million of MicroStrategy’s 6.125% Senior Secured Notes due 2028, with any remaining net proceeds to be used to purchase additional Bitcoin and for general corporate purposes.
Bitcoin exceeds $63,000
The Federal Reserve cut borrowing costs by 50 basis points, the first cut in over four years. As a result, Bitcoin hit a three-week high, reaching a peak of $63,526 in today’s trading session.
At the time of writing, BTC price is up 5.37% in the last 24 hours to $63,198, and is up 9.37% this week.
Wall Street investors speculating that the Federal Reserve would land softly drove higher riskier sectors of the market, sending stocks to record highs.
With Bitcoin’s price now above $63,000, investors’ attention has turned to the cryptocurrency to see if it can maintain its novel bullish momentum and challenge its current all-time highs of nearly $74,000, reached in mid-March.
