Bitcoin (BTC) has hit a new all-time high in Malaysia, trading presently at RM300,243 on digital asset exchange Luno. It breached the RM300,000 mark early this morning at approximately 8.00am, surpassing the previous record high back in 2021 where its peak was in the RM270,000 range.

Aside from Malaysia, Bitcoin has also already breached record highs in the local currency of numerous other markets around the globe since last week. These include economic giants like China, Japan, the UK, and India, along with developing markets like Argentina, Turkey, and Egypt.

In US dollar terms, Bitcoin is still shy of its all-time high price at US$69,000, but appears to be slowly inching its way up to within striking distance of record levels. Just this morning, it broke US$64,000.

This breakthrough came following a strong rally that began earlier this year; Bitcoin’s prices have surged nearly 50% year-to-date, again outperforming traditional indexes and benchmarks.

This uptrend is spurred on by a combination of various factors, but it can be primarily attributed to the increased confidence and renewed interest among investors after the US Securities and Exchange Commission (SEC) approved the first US-listed Bitcoin exchange traded funds (ETFs). This landmark decision – made in January 2024 – has helped to increase Bitcoin’s accessibility, and unsurprisingly, the trading volume for the offerings have also surged in the last few weeks.

Bitcoin and various other digital assets are widely acknowledged as highly volatile assets, and have seen a series of ups and downs since the previous bull run back in 2021. Over the past few years, Bitcoin’s price has also plummeted down to as low as US$16,000, pressured by scandals like the saga of the Luna and TerraUSD digital assets, as well as the collapse of crypto exchange FTX.  

• TAGS:
• Bitcoin
• Cryptocurrency
• Luno
• Luno Malaysia
• Securities And Exchange Commission of the United States (US SEC)
• Spot Bitcoin Exchange Traded Funds
• US-Listed Exchange Traded Funds