KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia closed marginally lower on Friday, as cautious sentiment persisted, with investors remaining on the sidelines amid ongoing conflicts in West Asia, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.80 points, or 0.16 per cent, to 1,695.50 from Thursday’s close of 1,698.30. The benchmark index opened 5.82 points higher at 1,704.12, and moved between 1,693.65 and 1,708.12 throughout the day. However, market breadth remained positive, with gainers outnumbering losers 634 to 415, while 521 counters were unchanged, 1,077 untraded and 10 suspended. Turnover improved to 3.38 billion units worth RM2.95 billion from yesterday’s 3.20 billion units worth RM3.50 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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