KUALA LUMPUR: Bitcoin today hit an all-time high of RM350,000 in ringgit terms.
"Although Bitcoin has broken several all-time highs in the US dollar since last Wednesday, Bitcoin only reached the all-time high in ringgit terms today at RM 350,000 on Luno, Malaysia's largest digital asset exchange. "This 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 therRinggit was RM4.73 against the greenback," said Luno in a statement.
The cryptocurrency market saw a huge rally after Donald Trump won the presidential election, followed by recent interest rate cuts by the US Federal Reserve and the Bank of England.
Bitcoin, the largest cryptocurrency by market capitalisation, grew 18 per cent today from election day, setting a new all-time high at above US$81,000, fuelled by Trump's pro-crypto stance.
It added that the current global crypto market capitalisation stood at US$ 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 7th 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," it said.
The exchange said new highs have garnered huge institutional demand and global interest as well as renewed interest from retail investors in Malaysia.
Luno said 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.