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Bitcoin, the largest cryptocurrency by market capitalization, extended its rise since the week’s start, surpassing the $63,000 mark. Bitcoin reached highs of $63,526 in Thursday’s session and is set to mark its third consecutive day of gains since September.
In his usual character, Michael Saylor, the chairman and cofounder of MicroStrategy, reacted to Bitcoin’s bullish upswing. In a recent tweet, Saylor made a playful yet impactful statement: “Have a Bitcoin Burger.”
This tweet, while lighthearted, 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 yesterday the pricing of its Convertible Senior Notes Offering. On Sept. 16, 2024, MicroStrategy issued a redemption notice, under which the Senior Secured Notes will be redeemed on Sept. 26, 2024.
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MicroStrategy estimates that the net proceeds from the sale of the notes will be around $864.1 million. In a press release, MicroStrategy stated that it intends to use the net proceeds from the offering to redeem all $500 million of MicroStrategy’s 6.125% Senior Secured Notes, due 2028, and that any remaining net proceeds will be used to purchase additional Bitcoin and general corporate purposes.
Bitcoin tops $63,000
The Federal Reserve reduced borrowing costs by 50 basis points, its first cut in over four years. Bitcoin consequently touched a three-week high, reaching a high of $63,526 in today’s trading session.
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At the time of writing, BTC was up 5.37% in the last 24 hours to $63,198, and up 9.37% this week.
Wall Street traders speculating that the Federal Reserve would be able to make a soft landing fueled a rally in riskier sectors of the market, with stocks reaching an all-time high.
As Bitcoin crosses $63,000, eyes are on the cryptocurrency to see if it will sustain its newfound bullish momentum and challenge its current all-time highs of nearly $74,000 attained in mid-March.
