KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session. Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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?
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.
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.
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.
Comments
Post a Comment