Today's aggressive rate cut, doubling the widely expected 25 bps reduction, signals deepening concerns about the health of the U.S. economy.

Key Takeaways Bitcoin topped $63,000 a day after Federal Reserve cut rates by 50 basis points.Lower rates could benefit cryptocurrencies and other assets perceived as risky.MicroStrategy stock jumped a day after amid a proposed a $700 million debt offering in an effort to buy more bitcoin.

Bitcoin (BTC) extends recent gains and trades above $62,000 at the time of writing on Thursday, following a 2.4% increase the previous day after the Federal Reserve’s (Fed) dovish decision to cut interest rates by 50 basis points. On-chain metrics shared by Ki Young Ju, founder of CryptoQuant, further indicate signs of BTC strength.