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Market Daily Report: Bursa Malaysia Ends On Softer Note Amid Profit-taking

KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481.  A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
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Bitcoin Hits Three-Month Low, Dragging Crypto Stocks Down

 Bitcoin Drops Below $90K, Crypto Stocks Follow

  • Bitcoin fell 3.9% to $87,903 on Tuesday, touching a three-month low of $86,050.99.
  • MicroStrategy (MSTR) dropped 11%, Coinbase (COIN) fell 6.4%, and Robinhood (HOOD) declined 8%, reflecting the crypto market downturn.

MicroStrategy's Latest Bitcoin Purchase Loses Value

  • MicroStrategy bought 20,356 BTC for $1.99 billion last week at an average price of $97,514 per Bitcoin.
  • With BTC now below $88K, this investment has already lost around $200 million in value.
  • Despite this short-term drop, MicroStrategy's overall Bitcoin holdings (499,096 BTC) were acquired at an average of $66,357 per coin, still well below the current price.
  • Company’s Bitcoin holdings were worth $50 billion last Friday, now down to $44 billion.

Market Volatility & Investor Impact

  • The crypto selloff highlights Bitcoin’s volatility and its impact on crypto-related stocks.
  • Crypto stocks like MicroStrategy, Coinbase, and Robinhood remain highly sensitive to Bitcoin price swings.

Summary:

  • Bitcoin dropped to a three-month low, dragging down crypto-related stocks.
  • MicroStrategy's latest Bitcoin purchase is already down $200M in value.
  • Despite short-term losses, MicroStrategy’s overall Bitcoin position remains profitable.
  • Crypto stocks remain highly volatile, moving in tandem with Bitcoin.
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