Bitcoin, the world’s biggest crypto coin with more than $1 trillion market cap, has continued to hover around the US $55,000 mark with the upward momentum running out of steam, at least for now.
Ether , the second-largest virtual currency, hit another all-time high of US $2,754 before settling at US $2,742 amid the accommodating views for institutional legitimacy of crypto investment.
On the news side, there were media reports that Turkey will establish a government-owned custodian vault after the sudden collapse of two crypto exchanges Thodex and Vebitcoin.
Note a pullback should not be confused with a reversal as a pullback is a temporary pause or dip which might actually quickly turn into an upward momentum while a reversal is a more long-term drop against the otherwise prevailing trend.
The vicious sell-off last week has been a costly lesson for the rookies who were stuffing their wallets with ‘upside momentum’ crypto coins with a false sense of security, thinking their holdings could only climb.
Risk Warning: Cryptocurrency is a unregulated virtual notoriously volatile asset with a high level of risk.