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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 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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