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-USD) and other major cryptocurrencies jumped in Thursday morning trading after the Federal Reserve delivered its first interest-rate cut since the onset of the pandemic and signalled further policy easing as the year draws to a close.