U.Today – The largest cryptocurrency by market cap, extended its rise since the start of the week, surpassing the $63,000 mark. Bitcoin hit highs of $63,526 in Thursday’s session and is set to mark its third consecutive day of gains since September.
In his usual role, Michael Saylor, chairman and co-founder of MicroStrategy, reacted to the Bitcoin rally. In a recent tweet, Saylor made a funny yet shocking statement: “Eat a Bitcoin burger.”
This tweet, while light-hearted in tone, 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 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 use the net proceeds from the offering to redeem MicroStrategy’s $500 million 6.125% Senior Secured Notes due 2028, with the remaining net proceeds to be used to purchase additional bitcoin and for general corporate purposes.
Bitcoin Surpasses $63,000
The Federal Reserve cut borrowing costs by 50 basis points, its first cut in more than four years. Bitcoin consequently hit a three-week high, reaching a high of $63,526 in today’s trading session.
At the time of writing, BTC was up 5.37% over the past 24 hours to $63,198, and up 9.37% this week.
Wall Street traders speculating that the Federal Reserve would be able to pull off a soft landing fueled a rally in riskier sectors of the market, with stocks hitting an all-time high.
As Bitcoin surges past $63,000, all eyes are on the cryptocurrency to see if it will maintain its new bullish momentum and challenge its current all-time highs of nearly $74,000 reached in mid-March.
This article was originally published on U.Today
