Bitcoin to strengthen as more new consumers explore cryptocurrency

The bitcoin growth has returned on Tuesday morning, adding 3.3% and rising to RM182,265, says analyst 


CRYPTOCURRENCY will regain its momentum amid its temporary setback said Luno Malaysia country manager Aaron Tang said. 

In response to the current cryptocurrency market sentiments, he said that when the high risk hits, investors typically take a step back and turn to the lower-risk assets. 

Consequently, the involved assets such as bitcoin or Ethereum might not perform well during the period. 

“As we move toward more digitalisation, the public will need an advanced crypto technology such as bitcoin or Ethereum, hence we are fairly optimistic for the crypto market in the future,” he told The Malaysian Reserve during the partnership ceremony between Luno and Malaysian Football League (MFL). 

FxPro senior market analyst Alex Kuptsikevich in a report stated that the bitcoin growth has returned on Tuesday morning, adding 3.3% and rising to US$43,500 (RM182,265). 

“Tuesday jotted its highest level in the past week (+4.4%), ending the day around US$44,100, where it is trading yesterday morning.” 

“Technically, BTCUSD held above the 50-day moving average and received support from buyers after another touch of this level. However, this average is direc-ted downwards, emphasising the general downward trend,” he said in a statement. 

Describing that bitcoin is behaving like gold, he said cryptocurrencies seem to be once again trying on the role of a safehaven asset, becoming a little more like gold and a little less like stocks. 

According to Kuptsikevich, since early January, the market has not been consistently above the two trillion mark, and consolidation above could be an essential signal for bulls to move from observation to active buying. 

Tang added that the crypto space still needs acceleration in terms of education and awareness for the masses, hence the role of regulated platforms such as Luno and others is critical to close that gap. 

In echoing the mission, Luno yesterday partnered with the sports industry, recognising the MFL, as the official Crypto Investment Partner. 

The one-year partnership will see Luno act as co-sponsor of Liga Super Malaysia, the nation’s top football league, and Piala Malaysia, covering multiple branding rights including pitchside branding, club crest and player image rights, and on-ground activation at stadium. 

Tang added that MFL with its fan base of over 13 million, serves as a catalyst to engage with new audiences and raise our brand profile among everyday Malaysians who might be considering exploring the world of cryptocurrency. 

“This partnership is also a step toward realising our mission to localise the crypto space in Malaysia, making it accessible to all. Moving forward, a more exciting and inclusive program will be rolled out,” he said. 

Meanwhile, MFL CEO Stuart Ramalingam said the collaboration opens up a whole new horizon for the MFL family and advances digital entry into the local sports industry. 

“As the world opens its door in its acceptance of cryptocurrency, we reposition ourselves to stay relevant and start a new engagement with the generation,” he said during the key address” he added.