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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 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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