Cryptocurrency exchange Luno said Bitcoin breached its RM300,000 mark on its platform as the as Bitcoin ETF recorded its highest inflow surpassing the coins’ daily mining supply resulting in a 22% week-long rally and is currently trading at RM300,513.
Last week, the cyrpto made another milestone after breaking its all-time high in ringgit at RM270,000* in 2021, when the US dollar equivalent at that time was USD65,000.
Scarlett Chai, Luno’s country manager for Malaysia, says, “This bullish momentum for Bitcoin is widely attributed to the positive sentiment surrounding the approval of Bitcoin spot ETFs by the SEC in the US, coupled with significant inflows into these Bitcoin funds with the highest inflow on Wednesday (28 February 2024) at USD673 million”.
“There is no denying that the recent rallies are attributed to the growing confidence and interest of both institutional and retail investors in the excitement of the Bitcoin halving happening mid-April this year”, continued Chai.
The four-year cyclic Bitcoin halving event is believed to be a catalyst for the market’s growth with each cycle leading the Bitcoin’s value higher than the one before to an all-time high of USD65,000 in 2021.
Chai added “While the rally presents an opportunity for the Malaysians to increase gains, as the leading regulated digital asset exchange in the country we hope and encourage investors to invest responsibly and sensibly.
