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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

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.
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Bitcoin Selloff Presents Buying Opportunity for Coinbase and Crypto Stocks

 Bitcoin’s Drop & Market Impact

  • Bitcoin has plunged over 20% since Inauguration Day, from nearly $110,000 to around $87,000.
  • Coinbase (COIN) tumbled more than 20% over the past five days, while Robinhood (HOOD) dropped 24%.
  • Crypto miners like Riot Platforms (MARA), Core Scientific (CORZ), and CleanSpark (CLSK) also saw sharp declines.

Why This Could Be a Buying Opportunity

  • SEC dropped investigations into Coinbase & Robinhood, easing regulatory concerns.
  • Trump’s SEC nominee, Paul Atkins, is seen as a pro-crypto advocate, signaling an end to "regulation by enforcement."
  • Analysts see strong upside potential:
    • Oppenheimer's Owen Lau: Coinbase price target at $388 (85% upside).
    • Daiwa’s Steven Nie: Coinbase target at $400, citing resilient trading volumes despite Bitcoin’s correction.

Crypto Miners May Rebound

  • Cantor Fitzgerald analyst Brett Knoblauch believes the crypto bull market could last another 12-16 months, supporting Bitcoin mining revenues.
  • Miners like MARA, CORZ, and CLSK trade at reasonable valuations, with expectations for strong revenue and EBITDA growth.
  • Miners are also pivoting to AI-driven data centers, leveraging advanced cooling & energy infrastructure.

Outlook: A Temporary Dip?

  • Bitcoin-related stocks remain volatile, but with the SEC embracing Bitcoin ETFs, sentiment may shift.
  • Coinbase and Robinhood are well-positioned to recover, assuming Bitcoin prices stabilize.

Summary:

  • Bitcoin's 20% drop has led to a selloff in crypto stocks, but analysts see a rebound ahead.
  • SEC’s policy shift & Trump’s pro-crypto stance improve regulatory outlook.
  • Coinbase, Robinhood, and crypto miners remain undervalued, presenting a buying opportunity.
  • Miners diversifying into AI infrastructure could add long-term value.
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