As a seasoned researcher with a knack for deciphering market trends, I must admit, I’ve never seen such an electrifying ride as Bitcoin’s journey towards the $100,000 mark. It’s like watching a rocket launch, only instead of stars, we’re shooting for digital gold.
Currently, Bitcoin, the leading digital currency by market value, is making an effort to surpass the much-discussed milestone of $100,000 per coin, following a few near misses in the past 24 hours.
On Saturday during trading, Bitcoin peaked at $99,044; however, it fell slightly short of hitting $100,000, with its peak yesterday being $99,860 instead.
In a recent tweet, Michael Saylor, co-founder and chairman of MicroStrategy, stated about Bitcoin’s (BTC) current price: “The cost of BTC remains below $1 million”, expressing his belief that the $100,000 mark is nearly achievable.
The price of $BTC is still less than $0.1M.
— Michael Saylor⚡️ (@saylor) November 22, 2024
Bitcoin showed signs of approaching the $100,000 mark as investor enthusiasm grew, while the launch of options for U.S. exchange-traded funds boosted optimism this week.
Currently, Bitcoin is being exchanged for approximately $98,572, surpassing previous highs of $99,543 set during yesterday’s trading activities, demonstrating its exceptional market momentum.
At a crucial juncture, Saylor’s tweet serves as a reminder to the community that even though Bitcoin has experienced a significant price increase, the target of $0.1 million or $100,000 per coin is still attainable.
As Bitcoin nears the $100,000 milestone, everyone is curious if it will break through this significant level. Yet, reaching the six-figure mark for Bitcoin may encounter obstacles; variables like overall market mood and broader economic circumstances could potentially influence Bitcoin’s price movement.
MicroStrategy accelerating Bitcoin purchases
MicroStrategy is speeding up its Bitcoin acquisition process by boosting the sale of convertible notes by nearly 50%, using the funds for further Bitcoin investments. This significant Bitcoin holding company has been swiftly working towards a goal declared last month: to accumulate $42 billion in capital over the subsequent three years to purchase even more Bitcoin.
On November 20th, Saylor announced that due to increased demand, they expanded their offering of 0% convertible bonds for the year 2029 from $1.75 billion to $2.6 billion, which includes a $400 million option to sell additional shares, known as a greenshoe option. The new issue was priced at a 55% premium over the market price for conversion.
On November 21st, I reported that Microstrategy successfully executed a $3 billion offering of zero-coupon convertible notes, which came with a 55% premium. This implies an approximate strike price of around $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.
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2024-11-23 14:00