KUALA LUMPUR, March 28 (Bernama) -- Bursa Malaysia closed lower today on profit-taking after a strong three-day rally, and investor sentiment was further shaken in the late afternoon session following news of an earthquake in Myanmar with tremors felt in neighbouring Thailand, said Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 1.44 per cent or 22.08 points to 1,513.65, its intraday low, from Thursday’s close of 1,535.73. The benchmark index opened 4.16 points lower at 1,531.57 and hit an intraday high of 1,533.52 during the midday session. On the broader market, decliners outpaced gainers 563 to 395, while 408 counters were unchanged, 1,106 untraded, and 133 suspended. Turnover slipped to 2.25 billion units valued at RM2.13 billion from 2.52 billion units worth RM2.41 billion on Thursday.
Bitcoin, Ethereum, and Dogecoin Surge as Trump Hints at Tariff Relief: Analyst Projects BTC to Hit $93,500
Key Takeaways:
Cryptocurrency Rally Fueled by Tariff Relief Hints: Cryptocurrencies are soaring, with Bitcoin (BTC) reaching over $88,750 and Ethereum (ETH) breaching $2,100. Dogecoin (DOGE) also saw a significant 5.89% jump. The rally is linked to President Donald Trump's hints about tariff relief for certain countries, which fueled optimism in both the stock market and cryptocurrency markets.
Bitcoin’s Impressive Momentum: Bitcoin surged by 1.57%, crossing $87,627 and briefly touching its highest price in two weeks. It faces a critical point where if it manages to reclaim the 21-EMA as support, it could breakout to $93,500, according to Rekt Capital, a well-known cryptocurrency analyst.
Short Squeeze and Market Sentiment: Over $158 million worth of short positions were liquidated in the past 24 hours, with an additional $600 million at risk of liquidation if Bitcoin surpasses the $90,000 mark. Despite the surge, market sentiment remains in the "Fear" zone as tracked by the Crypto Fear and Greed Index, signaling caution in the market.
Record Open Interest and Risk of Liquidations: Bitcoin’s Open Interest surged by 4.17%, reaching its highest level in a month. However, CryptoQuant warned that the rise in Open Interest and leverage-driven price hikes could lead to potential liquidation cascades if the rally loses steam, urging caution.
Impact on the Global Crypto Market: The global cryptocurrency market cap stood at $2.87 trillion, boosted by the ongoing rallies in Bitcoin, Ethereum, and other major coins. The broader market saw a 1.7% increase in the last 24 hours, continuing its bullish momentum.
Stock Market Synergy: Alongside the crypto rally, major US stocks surged, with the Dow Jones up 1.42%, the S&P 500 gaining 1.76%, and the Nasdaq climbing 2.27%. The tariff relief news has contributed to overall positive market sentiment, impacting both traditional equities and cryptocurrencies.
Investors' Focus: While the crypto market is showing strong growth, experts are cautioning that the current rally might be driven by leverage, and a sharp correction could follow if bulls lose control. However, if Bitcoin successfully claims $88,451 as support, the possibility of it reaching $93,500 remains on the table. The tariff relief announcement on April 2will be crucial for setting the market’s next direction.
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