PETALING JAYA: The cryptocurrency market has seen a huge rally after Donald Trump won last Tuesday’s US presidential election and recent interest rate cuts by the US Federal Reserve and the Bank of England.
Bitcoin, the largest cryptocurrency by market capitalisation, has surged 18% as of today since US election day, setting a new all-time high at above US$81,000 (RM353,000), fuelled by Trump’s pro-crypto stance. Trump’s return to the US presidency and the likelihood of Republicans winning control of both houses of Congress also fuelled the Dow Jones Industrial Average, S&P 500 Index and Nasdaq Index to hit record highs.
Although bitcoin has broken several record highs in US dollar terms since last Wednesday, it only reached an all-time high in ringgit terms today at RM350,000 on Luno, Malaysia’s largest digital asset exchange.
In a statement, Luno said this comes is on the back of the strengthened ringgit of RM4.40 against the US dollar. Bitcoin’s previous all-time high in ringgit on Luno was RM347,000 in March 2024, when the Malaysian currency was at RM4.73 against the greenback.
“Bitcoin’s new highs have garnered huge institutional demand and interest globally, particularly in the US. Retail investors in Malaysia are also starting to take a renewed interest in crypto again. It is important to note that while the bull run presents an opportunity for investors to increase gains, investors still have to be watchful and discerning against unlicensed investment schemes that promise high returns over a short period,” it added.
The current global crypto market capitalisation is US$2.79 trillion, with bitcoin leading the pack at US$1.61 trillion. Putting it into perspective, should bitcoin be a stock, it would be the seventh largest company in the world after Saudi Aramco.
This landmark moment underscores the growing acceptance and adoption of digital assets globally. It signals a broader trend of investor confidence in cryptocurrency as an alternative asset class.
