Bitcoin breaches RM500,000 on Luno platform as demand rises
According to Luno, 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.
Luno said this is coupled by the US Federal Reserve's more dovish tone.
"This environment has supported greater investor risk appetite, benefiting 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," it said in a statement.
Luno 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 fifth largest asset by market cap after Apple – one of the world's most recognisable brands," said Chai.
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 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.
"We have not seen a demand like this from institutions. Investors are optimistic about the US government's supportive stance toward crypto, which makes them confident about Bitcoin's future," Chai noted.
Chai 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 are social media advertisements promising good returns.
"Regulated crypto exchanges will never engage third parties to facilitate the investment or trade on your behalf", she added.
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