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Commentary
We still hold a long view on Bitcoin despite the cryptocurrency pulling back sharply over the weekend predominantly on the back of speculation that the US treasury may crackdown on money laundering through cryptocurrency.
We are encouraged that this pullback would not spell the beginning of a more significant correction as Bitcoin bounced back just as quickly.
We expect the upward momentum to continue whilst prices are above support at around $54,200 though expect the likely hood of pullbacks to increase as investors may seek to crystallize profits quickly following any negative headlines given the meteoric rise of cryptocurrencies over the past six months.