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 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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