Bitcoin has hit a new all-time high in Malaysia, exceeding RM320,000 on Tuesday after a 22 per cent weeklong rally. It breached the RM300,000 mark, surpassing the previous high back in 2021 at RM270,000.
However, in terms of US dollars, Bitcoin hasn’t quite reached its all-time high of US$69,000, but it seems to be gradually getting closer to breaking that record.
This breakthrough comes following a rally that began earlier this year. It could combine various factors that have increased confidence and renewed interest among investors. For example, the primary factor could be the US Securities and Exchange Commission (SEC) approving the first US-listed Bitcoin exchange-traded funds (ETFs). This decision has increased Bitcoin’s accessibility, contributing to the surge in trading volume.
Scarlett Chai, Luno’s country manager for Malaysia, says, “This bullish momentum for bitcoin is widely attributed to the positive sentiment surrounding the approval of bitcoin spot ETFs by the SEC in the US. Since then, the value of Bitcoin has risen over 40 per cent this year alone.“
Chai added, “While the rally presents an opportunity for Malaysians to increase gains, as the country’s leading regulated digital asset exchange, we hope and encourage investors to invest responsibly and sensibly.
It’s crucial to mention that Bitcoin and other cryptocurrencies are known for being highly unpredictable. The price of the popular cryptocurrency Bitcoin, dropped to as low as US$16,000 due to the FTX crypto exchange collapse and various pressures.
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