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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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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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