Bitcoin surpasses RM510,000 on Luno, as institutional demand continuously grows
PETALING JAYA (July 15, 2025) : Bitcoin, the first and largest cryptocurrency by market capitalisation, has hit over half a million ringgit on Luno, as institutional demand continuously grows.
The strong demand from investment firms and companies for Bitcoin exposure, be it direct purchases or ETFs, has created a recent uptick in the price.
This is coupled by the US Federal Reserve's more dovish tone. This environment has supported greater investor risk appetite, benefifiting alternative assets like Bitcoin.
In parallel, the rally triggered a short squeeze of over US$200 million, as traders who had bet against the asset were forced to buy back their positions, further accelerating the price momentum.
Luno's country manager for Malaysia, Scarlett Chai, said, 'The crypto market has evolved so much in the past couple of years, largely led by Bitcoin.
'Today, despite the scepticism of the asset class, Bitcoin is the fififth largest asset by market cap after Apple – one of the world's most recognisable brands'.
Bitcoin's bullish momentum has also led to a rally in other coins, known as altcoins, including Stellar (XLM), Alogrand (ALGO), and Hedera (HBAR), which have seen over a 50 per cent price increase in a week.
These are among the altcoins Luno has proposed to the Securities Commission Malaysia that were aligned with the regulator's requirements.
Of the three coins above, ALGO and HBAR were launched this year, part of Luno's effort in expanding the list of tradable digital assets in the country.
Chai added, 'We've not seen a demand like this from institutions. Investors are optimistic about the US government's supportive stance toward crypto, which makes them confifident about Bitcoin's future'.
Chai also cautioned investors of a possible rise in investment scams taking advantage of Bitcoin's reignited popularity. 'Steer clear of any investment schemes that seem too good to be true, especially if they're social media advertisements promising good returns.
'Regulated crypto exchanges will never engage third parties to facilitate the investment or trade on your behalf', she concluded.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
an hour ago
- Malaysian Reserve
AtWork Group Reports a Strong First Half of 2025
Staffing Franchise Expands with New Locations and Earns Top Industry Honors KNOXVILLE, Tenn., July 24, 2025 /PRNewswire/ — AtWork®, an award-winning leader in the staffing industry, is proud to announce significant growth and recognition in the first half of 2025. Amid a cautiously optimistic outlook for the staffing industry, AtWork continues to outpace expectations with new office openings, strong franchise development, and multiple national awards. 'Despite the headwinds facing the staffing industry, the first two quarters of 2025 have proven to be a period of strength for AtWork,' said Jason Leverant, president and COO of AtWork. 'Our ability to adapt to evolving workforce needs while maintaining our commitment to client and candidate satisfaction continues to set us apart.' New Locations AtWork continues to grow its national footprint in 2025. Arkansas became the latest state to join AtWork's growing list of markets, further expanding the brand's national presence. AtWork opened eight new offices across the country so far in 2025: Virginia: Richmond South Georgia: Cartersville Georgia: West Gwinnett South Carolina: Greenville Washington: Seattle Southwest Arkansas: Bentonville Texas: Austin Northeast Indiana: Indianapolis NW Awards & Recognition AtWork earned several prestigious industry honors in 2025, including: Forbes' List of America's Best Recruiting and Temporary Staffing Firms (2025) – Recognized among the top 200 U.S. firms in the temporary staffing category. Staffing Industry Analysts' (SIA) 2025 Largest Staffing Firms in the US-Recognizing AtWork's impact and scale in the staffing industry. ClearlyRated Best of Staffing® Client and Talent Awards (2025) – Awarded to fewer than 1% of staffing firms in the U.S. and Canada. Franchise Business Review's 2025 Top Franchises Satisfaction Award – Based on independent surveys of franchisee satisfaction. FranServe Fran-tastic brand-Honored for exceptional commitment in helping individuals realize their dream of owning a business by providing strong franchise opportunities. A stand-out franchisee, Josephine Suryono, who owns and operates AtWork locations in Sacramento and Roseville, California, has received several accolades for her success this year. Josephine was named the International Franchise Association's Franchisee of the Year as well as a 2025 Franchise Rockstar by Franchise Business Review in the Women's category. Her Roseville office led the AtWork system in revenue and gross profit in 2024 and continues to set a high standard in 2025. Additional Achievements In the first half of 2025, AtWork's leadership remained actively involved in national workforce conversations: COO Jason Leverant published a practical employment AI Guide designed to help job seekers navigate the evolving job market with new technology. Leverant's expertise has been featured in Newsweek, Yahoo! News, The Washington Examiner and other major outlets, covering topics such as Gen Z's fear of layoffs, the transition of federal workers into private sector roles, and the shifting landscape for white-collar employment. With over 30 years in business, AtWork remains committed to supporting entrepreneurs, connecting businesses with high-quality talent, and delivering exceptional staffing solutions nationwide. To learn more about AtWork's franchise opportunities, visit About AtWork Headquartered in Knoxville, Tennessee, AtWork is an award-winning staffing franchise with nearly 100 locations. For more than 30 years, leading companies from across the nation have trusted AtWork to recruit the best talent. Recognized by Staffing Industry Analysts as one of the Largest and Best Staffing Firms to work for in the U.S. and as an Entrepreneur Verified Franchise, AtWork can staff an entire production facility or provide temporary support that keeps businesses thriving. AtWork's dedication and unparalleled service earned them a spot on Forbes America's Best Recruiting and Temporary Staffing Firms and ClearlyRated's Best of Staffing® award for client and talent satisfaction. Additionally, the franchise's growth and support for its franchisees have secured them a place on Franchise Business Review's (FBR) Top 200 Franchise ranking for seven years in a row and is in the FBR Hall of Fame for 10+ years of stellar performance. AtWork is also ranked in Entrepreneur's Franchise 500, Franchise Times Top 400, and Entrepreneur's Top Franchises for Diversity, Equity, and Inclusion. To learn more about AtWork's services, visit Media Contact: Lu Dumas919.459.8168ldumas@
Barnama
3 hours ago
- Barnama
Ringgit Ends Higher Against US Dollar, Other Major Currencies On Malaysia-US Trade Deal Optimism
By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 24 (Bernama) -- The ringgit ended higher against the US dollar, buoyed by optimism that Malaysia could secure a more favourable trade deal with the United States (US), said an analyst. The local note also traded higher versus the US dollar for the fifth consecutive day. At 6 pm, the ringgit rose to 4.2135/2210 against the greenback from Wednesday's close of 4.2255/2300. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia is actively engaging in discussions with the US over the impending 25 per cent tariff rate set to take effect on Aug 1, aiming to secure a rate below 20 per cent. SPI Asset Management managing partner Stephen Innes said regional tailwinds further lifted sentiment after US President Donald Trump concluded a trade deal with Japan on Tuesday, which included reducing tariffs on the import of Japanese goods into the US to 15 per cent from 25 per cent. 'These developments are fuelling hopes that Washington's broader tariff strategy is shifting from confrontation to compromise. 'Against this backdrop, investors see Malaysia as a likely beneficiary of the next wave of bilateral deals,' he told Bernama. Innes added that the ringgit's recent gains may signal its potential to benefit from improved trade conditions following the US-Japan agreement.
The Sun
3 hours ago
- The Sun
Saudi Arabia invests $6.4 billion to rebuild Syria's infrastructure
DAMASCUS: Saudi Arabia signed major investment deals worth $6.4 billion with Syria on Thursday to support the reconstruction of the war-torn country's infrastructure, telecommunications, and other key sectors. The agreements were announced at the Syrian-Saudi Investment Forum held at the Damascus presidential palace. Saudi Investment Minister Khalid Al-Falih confirmed the signing of 47 agreements and memoranda of understanding, totaling nearly 24 billion Saudi riyals. 'This marks a new chapter in the economic cooperation between our nations,' he said. Syrian Economy Minister Mohammed al-Shaar described the forum as 'a historic milestone in the history of relations between our two brotherly countries.' The deals include 11 billion riyals ($2.9 billion) allocated for infrastructure, including the construction of three cement factories. Saudi telecom firms will invest four billion riyals ($1.07 billion) to upgrade Syria's digital infrastructure and cybersecurity. Additional agreements cover agriculture and finance, aiming to revive key sectors after 14 years of conflict. The UN estimates Syria's reconstruction costs exceed $400 billion. The new government, which took power after the ousting of Bashar al-Assad in December, seeks international support for recovery efforts. Earlier this month, the US lifted sanctions on Syria, following appeals from Saudi Arabia and Turkey. In May, Syria secured a $7 billion energy deal with Qatari, Turkish, and US firms to restore its electricity sector. – AFP
