KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
Bitcoin surged toward the US$100,000 mark amid optimism that crypto supporters may shape US financial regulations under President-elect Donald Trump. The cryptocurrency climbed to US$97,361 on Wednesday before settling at US$96,400 in Asia on Thursday.
Trump’s pro-crypto stance, including pledges to undo the Biden administration’s crackdown on digital assets and establish a national bitcoin stockpile, has fueled market enthusiasm. Leading candidates for key regulatory roles, including Paul Atkins for SEC chair, are seen as crypto-friendly, further boosting sentiment. The CFTC may also see leadership inclined toward fostering industry growth, helping lift the crypto market by approximately US$1 trillion since Trump’s election win.
Despite nearing US$100,000 on Nov 22, Bitcoin faced volatility, dropping US$9,000 in subsequent days as traders awaited clear regulatory steps. Critics like Nouriel Roubini warn of Bitcoin's high volatility, contrasting it with stable wealth preservation assets.
Meanwhile, US exchange-traded funds (ETFs) investing directly in Bitcoin have attracted US$6.8 billion since Trump’s victory, with total ETF assets reaching US$100 billion. Galaxy Digital’s Alex Thorn predicts Bitcoin may soon find strong support and make another push to surpass the historic six-figure milestone.
Trump’s transition team is also considering creating a White House digital-asset policy post, signaling greater institutional engagement with the crypto market.
As Bitcoin hovers near US$100,000, the debate over its role as a modern-day store of value and inflation hedge intensifies, with Wall Street keeping a close watch on the evolving regulatory landscape.
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