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
The Sun
27 minutes ago
- The Sun
Oil prices rise on EU trade deal and US-China tariff truce talks
SINGAPORE: Oil prices climbed on Tuesday as market sentiment improved following a US-EU trade agreement and discussions to extend the US-China tariff truce. Brent crude futures rose 24 cents, or 0.34%, to $70.28 a barrel, while US West Texas Intermediate crude increased 22 cents, or 0.33%, to $66.93. Both benchmarks had surged over 2% in the previous session, with Brent hitting its highest level since July 18. The US-EU trade deal, which imposes a 15% tariff on most EU goods, avoided a full-scale trade war that could have disrupted nearly a third of global trade and weakened fuel demand forecasts. Further supporting prices were reports of potential progress in US-China trade talks. Senior economic officials from both nations met for over five hours in Stockholm on Monday, with discussions set to continue on Tuesday. Meanwhile, geopolitical tensions added to market volatility. US President Donald Trump issued a new 10 to 12-day deadline for Russia to show progress in ending the Ukraine war or face sanctions. Trump warned of penalties on Russia and buyers of its oil exports if no progress is made. 'Trump's comments reignited fears that Russia's oil flows would be impacted,' said ANZ senior commodity strategist Daniel Hynes. He noted that the EU's latest sanctions, including a lower price cap on Russian crude and restrictions on refined products, also contributed to supply concerns. - Reuters
The Sun
an hour ago
- The Sun
Ringgit gains as trade tensions ease, US-China talks in focus
KUALA LUMPUR: The ringgit opened higher on Tuesday against the US dollar and other major and regional currencies, supported by easing global trade tensions that lifted investor sentiment, an analyst said. At 8.01 am, the local note rose to 4.2140/2460 against the greenback from Monday's close of 4.2275/2345. However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) had strengthened, buoyed by optimism ahead of upcoming US-China trade talks. The DXY gained 1.03 per cent to 98.653 points, as officials from both countries were in discussions in Sweden on a possible trade truce, he told Bernama. 'At the same time, the two-day Federal Open Market Committee (FOMC) meeting, which begins today, will be in the spotlight, with consensus expecting no change to the Fed Funds Rate. 'In addition, the US labour market will be closely watched, with July's Nonfarm Payrolls (NFP) report due on Friday. The market expects a softer print of 108,000, down from 147,000 in June,' he said. Mohd Afzanizam noted that the ringgit had weakened 0.21 per cent against the US dollar to RM4.2310 on Monday, amid ongoing trade negotiations between Malaysia and the United States. Malaysia is actively engaging the US to avert the impending 25 per cent tariffs set to take effect on Aug 1, seeking a rate below 20 per cent. Meanwhile, the extended US-China negotiations could signal a prolonged truce, suggesting the administration of US President Donald Trump remains sensitive to the tariffs' potential impact on the domestic economy. 'However, tariff shocks are likely to increase downside risks to global growth in the second half of 2025 and beyond, as higher costs of doing business in the US could dampen aggregate demand. 'The current term of the Fed chair ends in May next year, and it appears likely that Jerome Powell's successor will be more aligned with the US President's preference for lower interest rates as a policy stance,' he added. Mohd Afzanizam expects the ringgit to trade in a narrow range, likely between RM4.23 and RM4.24 today. At the opening, the ringgit traded higher against most major currencies. It rose against the Japanese yen to 2.8383/8600 from 2.8497/8546 at Monday's close, appreciated versus the British pound to 5.6286/6714 from 5.6720/6814, and strengthened against the euro to 4.8861/9232 from 4.9331/9412 previously. The local note was also firmer against regional peers. It improved against the Indonesian rupiah to 257.4/259.6 from 258.3/258.9, gained versus the Singapore dollar to 3.2750/3004 from 3.2917/2974, strengthened against the Thai baht to 12.9626/13.0702 from 13.0511/0787, and inched up against the Philippine peso to 7.37/7.43 from 7.39/7.41 previously. - Bernama
Barnama
an hour ago
- Barnama
Ringgit Opens Higher On Easing Trade Tensions
WORLD By Karina Imran KUALA LUMPUR, July 29 (Bernama) -- The ringgit opened higher on Tuesday against the US dollar and other major and regional currencies, supported by easing global trade tensions that lifted investor sentiment, an analyst said. At 8.01 am, the local note rose to 4.2140/2460 against the greenback from Monday's close of 4.2275/2345. However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) had strengthened, buoyed by optimism ahead of upcoming US-China trade talks. The DXY gained 1.03 per cent to 98.653 points, as officials from both countries were in discussions in Sweden on a possible trade truce, he told Bernama. 'At the same time, the two-day Federal Open Market Committee (FOMC) meeting, which begins today, will be in the spotlight, with consensus expecting no change to the Fed Funds Rate. 'In addition, the US labour market will be closely watched, with July's Nonfarm Payrolls (NFP) report due on Friday. The market expects a softer print of 108,000, down from 147,000 in June,' he said. Mohd Afzanizam noted that the ringgit had weakened 0.21 per cent against the US dollar to RM4.2310 on Monday, amid ongoing trade negotiations between Malaysia and the United States. Malaysia is actively engaging the US to avert the impending 25 per cent tariffs set to take effect on Aug 1, seeking a rate below 20 per cent.
