PETALING JAYA: Bitcoin reached an all-time high at RM350,000 yesterday on Luno, on the back of a strengthened ringgit against the greenback.
In a statement, Luno, Malaysia’s largest digital asset exchange, said unlike in ringgit terms, Bitcoin has broken several all-time highs in the US$ since last Wednesday. Bitcoin’s previous all-time high in ringgit on Luno was RM347,000 in March 2024, when the ringgit was 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,” the company said.
Nevertheless, Luno said 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.
In general, following former President Donald Trump’s victory in the US presidential election, the cryptocurrency market has seen a huge rally. Moreover, it is also due to recent interest rate cuts by the US Federal Reserve and the Bank of England.
“Bitcoin, the largest cryptocurrency by market capitalisation, grew 18% today from election day, setting a new all-time high at above US$81,000, fueled by Trump’s pro-crypto stance. Trump’s return to the presidency and the potential for Republicans to win both houses of Congress also fueled the Dow Jones, S&P 500, and Nasdaq to record highs,” the company said.
The current global crypto market capitalisation is US$2.79 trillion, with Bitcoin leading the pack at US$1.61 trillion.
“Putting into perspective, should Bitcoin be a stock, it would be the seventh largest company in the world after Saudi Aramco,” Luno said.
