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Market Daily Report: Late Selling Pushes Bursa Malaysia Into Negative Territory At Close

KUALA LUMPUR, May 11 (Bernama) -- Late selling pressure dragged Bursa Malaysia into negative territory at the close, reversing earlier gains as profit-taking in heavyweight banking and transportation counters dampen overall market sentiment. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.75 points to 1,745.31 from Friday’s close of 1,748.06. The benchmark index, which opened 5.94 points firmer at 1,754.0, moved between 1,744.99 and 1,754.0 during the trading session. Market breadth was positive with gainers leading losers 562 to 558. A total of 636 counters were unchanged, 897 untraded, and 12 suspended. Turnover increased to 4.20 billion units worth RM3.17 billion compared with 3.31 billion units worth RM3.00 billion on Friday.
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Bitcoin Drops Below $87K: Trump’s Policies Shake Crypto Confidence

 Bitcoin’s Rally Stalls Amid Market Uncertainty

  • Bitcoin (BTC/USD) hit an all-time high of $109,225 on Jan. 20 following Trump’s inauguration, fueled by hopes of deregulation and a U.S. bitcoin reserve.
  • Since then, BTC has fallen over 20% to $87,080, with a 7.3% drop on Tuesday alone.
  • Support levels now sit at $70,000 - $75,000, according to market analysts.

What’s Driving the Decline?

  1. Regulatory Uncertainty:

    • Optimism over a Trump-led pro-crypto environment has been priced in, but no concrete policy changes have materialized.
    • A crypto working group has been formed but won’t submit recommendations for another 180 days.

  2. Scandals & Hacks:

    • Argentina’s President Javier Milei faced backlash after a meme coin he promoted, Libra, crashed.
    • Bybit, a top crypto exchange, suffered a $1.4 billion hack, raising security concerns.

  3. Trump’s Trade Policies & Inflation Fears:

    • New tariff threats—especially on semiconductors to China—could fuel inflation, impacting risk assets like crypto.
    • Investors are seeing “bitter medicine” (tariffs, layoffs) but no “spoonful of sugar” (tax cuts, deregulation) yet.

Outlook: Can Bitcoin Recover?

  • Bitcoin’s next rally depends on clear crypto-friendly policies from Trump’s administration.
  • If market uncertainty persists, BTC could test the $70K-$75K range in the coming weeks.

Summary:

  • Bitcoin tumbles 20% from its peak, falling below $87K due to regulatory uncertainty and macroeconomic concerns.
  • Crypto market hit by scandals & security breaches, shaking investor confidence.
  • Trump’s tariffs & inflation fears weigh on risk assets, contributing to Bitcoin’s pullback.
  • Future price action hinges on clear regulatory steps from the administration.
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