KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Key Takeaways
Eric Trump, EVP of the Trump Organization, called China “a hell of a power” in crypto despite its 2021 ban on digital token trading.
He spoke at the Bitcoin Asia conference in Hong Kong, highlighting both China and the US as the two “bitcoin superpowers.”
Eric Trump predicted bitcoin could reach US$1 million in the coming years, urging long-term holding.
Comments come as US President Donald Trump seeks a summit with Xi Jinping, following sweeping global tariffs earlier this year.
China’s Role in Crypto
While China has officially banned cryptocurrency trading since 2021, residents have continued to circumvent restrictions, keeping the country influential in global digital asset markets. Trump and investor David Bailey suggested China remains a key player, though neither provided detailed reasoning.
US Stance Under Trump Administration
The US has taken a sharply different approach, with President Trump actively embracing the industry and pursuing policies favorable to digital assets. Members of the Trump family have also launched ventures tied to crypto. A potential Trump–Xi summit could include broader economic discussions, though Eric Trump downplayed digital assets as a priority compared with other geopolitical issues.
Market Implications
Eric Trump’s bullish call on bitcoin — forecasting a rise to US$1 million — underscores the ongoing optimism among crypto advocates. However, the timing was notable: his remarks came as bitcoin traded lower, at about US$109,600, slipping below US$110,000.
Conclusion
The narrative of the US and China as twin powers in crypto highlights the geopolitical overlay on digital assets. While China’s direct participation is constrained by regulation, its latent influence via technology, capital, and user demand remains significant. Meanwhile, the US policy stance under Trump is cementing its role as the leading crypto hub.
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