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Market Daily Report: Profit-taking Ends Bursa Malaysia's Five-day Winning Streak

KUALA LUMPUR, Jan 28 (Bernama) -- Bursa Malaysia snapped its five-day winning streak to close lower on Wednesday, as investors took profit following a cumulative gain of 4.25 per cent over the past five sessions, said an analyst.  At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.76 points or 0.83 per cent to 1,756.49 from Tuesday’s close of 1,771.25.  The market bellwether opened 1.46 points lower at 1,769.79, marking the day’s high, and hit a low of 1,750.05 during the mid-afternoon session. Market breadth was negative with losers trouncing gainers 876 to 384, while 525 counters were unchanged, 964 untraded and 94 suspended.  Turnover improved to 3.65 billion units worth RM4.41 billion from Tuesday's 3.58 billion units worth RM4.46 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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