KUALA LUMPUR, June 18 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by strong buying interest in consumer-related counters, amid mixed performance across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 1.40 points, or 0.08 per cent, to 1,711.39 from Tuesday's close of 1,709.99. The key index opened 12.36 points firmer at 1,722.35 and moved between 1,711.31 and 1,722.63 throughout the session. Market breadth was negative, with losers leading gainers 678 to 493, while 549 counters were unchanged, 1,016 untraded and 34 suspended. Turnover increased to 4.50 billion units worth RM3.45 billion from 3.93 billion units worth RM3.45 billion on Tuesday.
Broad-Based Gains Across Majors
Cryptocurrencies surged on Thursday, buoyed by investor expectations that the US Federal Reserve will cut interest rates next week. Bitcoin (BTC) jumped 1.46% to $115,626.25, climbing above the $116,000 level for the first time in nearly three weeks, while Ethereum (ETH) advanced 3.33% to $4,516.40, its highest in two weeks.
Other major tokens also participated in the rally: XRP rose 1.95% to $3.05, Solana (SOL) gained 2.96% to $232.03, and Dogecoin (DOGE) outperformed with a 5.88% jump to $0.2610.
ETF Inflows and Market Sentiment
Spot Bitcoin exchange-traded funds (ETFs) saw inflows of more than $757 million on Thursday — the largest since mid-July — further supporting risk appetite. The Crypto Fear & Greed Index flipped from “Neutral” to “Greed,” reflecting improved sentiment.
Bitcoin’s market dominance slipped to 57.4%, while Ethereum’s share of total market cap remained steady at 13.6%.
Liquidations surged, with more than $345 million wiped from the market in 24 hours, including $231 million in shorts. Analysts warned that a move toward $118,000 could trigger another $262 million in Bitcoin short liquidations.
Analysts See More Upside in Ethereum and Altcoins
Well-followed trader Michaël van de Poppe suggested that Ethereum could be in the early stages of a major uptrend.
“ETH isn’t going to peak at $4,800, it’s literally only starting. I wouldn’t be surprised if this is going north of $10,000,” he said, adding that a 20–30% pullback would be a buying opportunity.
Another analyst, Daan Crypto Trades, argued that an altcoin season is already underway, pointing out that 78% of the top 50 altcoins have outperformed Bitcoin over the past three months, with Ethereum nearly doubling in that period.
Macro Backdrop: Weak Jobs, Sticky Inflation
The rally coincided with record highs in US equities. The Dow Jones Industrial Average gained 1.36%, while the S&P 500 and Nasdaq Composite rose 0.85% and 0.72%, respectively.
US CPI data for August came in hotter than expected at +0.4%, versus forecasts of 0.3%, while weekly jobless claims surged to 263,000, the highest since 2021. Traders now price in a 92.7% probability of a 25-basis-point Fed cut at next week’s policy meeting, up from 91% a day earlier, according to CME FedWatch.
Bottom Line
Cryptocurrency markets are gaining momentum as macro conditions align with expectations for monetary easing. With Bitcoin reclaiming the $116,000 level and Ethereum eyeing potential five-digit territory, analysts suggest the market may already be in the early stages of a broader altcoin-driven rally.
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