Bitcoin has surged to an all-time high, reaching a groundbreaking RM350,000 in Malaysia, as market dynamics shift with political changes and economic policies globally.
This milestone, reported by Luno, Malaysia’s premier digital asset exchange, signifies a major advancement for the country’s financial landscape.
“The achievement of this milestone was boosted by a stronger Ringgit, now at RM4.40 against the US dollar,” Luno noted. This new peak surpasses the previous all-time high of RM347,000 in March 2024, when the exchange rate was RM4.73 to the dollar.
Global Trends Boosting Local Markets
This record-setting performance in Malaysia aligns with a global uptick in Bitcoin’s value, which soared past US$80,000 for the first time, following the reelection of Donald Trump as U.S. president.
Since his last tenure, Trump has drastically altered his views on digital currencies—from criticizing them as a scam to advocating for the U.S. to become the ‘bitcoin and cryptocurrency capital of the world.’ This shift is part of a broader, tech-friendly agenda expected to spur significant investment in high-growth assets.
Luno further elaborated on the impact of broader economic policies, “The recent cuts in interest rates by the US Federal Reserve and the Bank of England have also played a crucial role in fueling the market’s growth, propelling Bitcoin’s value up by 18% from election day.”
The Global Crypto Ecosystem
Bitcoin’s global market capitalization now stands at US$1.61 trillion. “If Bitcoin were a company, it would be the seventh-largest in the world, just behind giants like Saudi Aramco,” Luno pointed out, emphasizing the cryptocurrency’s significant standing in the global financial ecosystem.
Despite the bullish trends, Luno emphasizes the need for caution: “While this bull run presents substantial gains for investors, it’s crucial to remain vigilant and discerning, particularly against unlicensed schemes promising high returns over a short period.”
The Growing Acceptance of Bitcoin and Digital Assets
This achievement marks not just a financial peak but also illustrates the growing integration of digital assets into the global and Malaysian markets. This landmark moment also underscores the broader trend of investor confidence in cryptocurrency as a legitimate, lucrative asset class.
As global dynamics and local market forces converge, this transformative period for Bitcoin and other digital assets is reshaping perceptions and the role of cryptocurrencies in the financial future of markets worldwide.
Source: here
Related articles:
Bitcoin Price Surges To Over RM270,000, Is It The Right Time To Buy?
Bitcoin Hits The Highest Record At RM300,000 This Week
Discussion about this post