u.today
Bitcoin, the first and largest cryptocurrency by market capitalization, is attempting to break the long-anticipated $100,000 per coin mark amid a couple of close calls over the last day.
Bitcoin reached intraday highs of $99,044 in Saturday's trading session; yesterday, it stopped short of the $100,000 mark, just reaching highs of $99,860.
In a recent tweet, Michael Saylor, co-founder and chairman of MicroStrategy, commented on the current price of Bitcoin ($BTC): "The price of $BTC is still less than $0.1 million," an acknowledgment that the $100,000 milestone is within reach.
The price of $BTC is still less than $0.1M.
— Michael Saylor⚡️ (@saylor) November 22, 2024
Bitcoin flirted with a run toward the $100,000 milestone amid a rise in investor interest; the debut of options on U.S. exchange-traded funds lifted sentiment this week.
At the time of writing, Bitcoin was trading at $98,572, having reached record highs of $99,543 during Friday's trading session, showcasing its remarkable performance in the market.
Saylor’s tweet comes at a pivotal moment, reminding the community that despite Bitcoin’s historic price surge, the $0.1 million or $100,000 milestone remains within reach.
With Bitcoin just a few hundred dollars away from the $100,000 mark, all eyes are on whether it can breach this psychological barrier. However, Bitcoin’s path to six figures may face resistance; other factors, such as market sentiment and broader macroeconomic conditions, might impact $BTC price trajectory.
MicroStrategy accelerating Bitcoin purchases
MicroStrategy is accelerating its pace of Bitcoin buying by increasing the amount of convertible notes it’s selling by almost 50% to fund additional purchases of the cryptocurrency. The Bitcoin treasury company is moving rapidly to meet a goal announced last month of raising $42 billion in capital over the next three years to buy more Bitcoin.
In a Nov. 20 tweet, Saylor wrote: "Given high demand, we upsized our MSTR offering of 0% convertible bonds due 2029 from $1.75 billion to $2.6 billion, including a $400 million greenshoe option, and priced it at a 55% conversion premium."
On Nov. 21, Saylor informed that "Microstrategy had completed a $3 billion offering of convertible notes at 0% coupon and 55% premium, with an implied strike price of ~$672."
MicroStrategy announced at the week's start that it bought a record $4.6 billion of Bitcoin through an at-the-market stock-share program. The company is now the largest institutional holder of Bitcoin, with 331,200 Bitcoin purchased at an aggregate price of approximately $16.5 billion.