KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia rebounded after two days of losses to close higher on Tuesday, driven by bargain-hunting activities and in line with the upbeat regional market performance. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 14.43 points or 0.85 per cent to 1,710.99 from yesterday’s close of 1,696.56. The market bellwether opened 6.60 points higher at 1,703.16, and fluctuated between 1,701.19 and 1,713.25 throughout the day. Market breadth was positive with gainers outpacing losers 682 to 432. A total of 454 counters were unchanged, 1,153 untraded, and 21 suspended. Turnover improved to 2.82 billion units worth RM2.76 billion from yesterday’s 2.38 billion units worth RM2.56 billion.
Bitcoin rallied in Asian trading on Monday as investors increasingly turned to cryptocurrencies amid geopolitical uncertainty, outperforming several traditional assets during the ongoing Middle East conflict.
The world’s largest cryptocurrency rose as much as 3.7% to above US$74,400, while major altcoins posted even stronger gains. Ether jumped up to 6.9%, with Solana climbing 6.1% and XRP advancing 4.7%.
Crypto Outperforms Traditional Safe Havens
Despite heightened geopolitical tensions following the Iran conflict that began in late February, bitcoin has delivered stronger returns than many traditional hedges.
So far this month, bitcoin has gained around 12.5%, while gold has fallen roughly 4.9%, highlighting a shift in investor behaviour during periods of market stress.
Market participants say crypto sentiment has turned increasingly positive.
According to Caroline Mauron, co-founder of Orbit Markets, the digital asset market has remained bullish despite geopolitical uncertainty, with momentum building for a potential breakout above US$75,000.
Institutional Flows Drive Market Momentum
Institutional demand continues to support the rally, particularly through spot Bitcoin exchange-traded funds (ETFs)listed in the United States.
Data shows US-listed spot Bitcoin ETFs attracted US$763 million in net inflows last week, marking the third consecutive week of positive flows.
Total inflows for March have reached US$1.3 billion, indicating renewed confidence among institutional investors.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) accounted for about 78% of the inflows, suggesting strong conviction buying rather than speculative trading, according to analysts at BTC Markets.
Bitcoin Acting as a Macro Hedge
In recent weeks, bitcoin has begun to behave more like a macro hedge asset, moving independently from traditional markets during periods of geopolitical volatility.
Meanwhile, oil prices showed signs of easing after U.S. President Donald Trump urged global cooperation to reopen the Strait of Hormuz, a critical shipping route for global energy supplies.
Market outlook for bitcoin remains closely tied to geopolitical developments.
According to Jeff Mei, chief operating officer at BTSE, a de-escalation of the conflict could propel bitcoin toward US$100,000, while prolonged tensions could trigger a correction toward US$60,000.
Investor Takeaways
Bitcoin climbed above US$74,000, with altcoins including Ether, Solana, and XRP posting strong gains.
Crypto markets are outperforming traditional safe-haven assets, with bitcoin up 12.5% this month while gold has declined.
Institutional demand remains strong, with US$763 million in weekly ETF inflows and US$1.3 billion inflows so far in March.
BlackRock’s IBIT dominates ETF flows, indicating strong institutional conviction in bitcoin.
Market direction may hinge on geopolitical developments, with potential upside toward US$100,000 if tensions ease.
Comments
Post a Comment