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2021/04/19

After 24 hours, crypto markets bounce. Is it back again?

Fallen Away Again Bitcoin 
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Crypto markets are bouncing back in early Asian trade after a solid 24 hours of selling.


On Sunday, we saw red virtually across the board as BTC broke through key support and commenced to tug the broader market lower. Despite the mainstream media hysteria, Bitcoin only really tagged $54,000 before finding some buying interest. Naturally, many of the altcoins did get hit harder, but this is often what we should always normally expect.

I find all the coverage quite laughable as long as Bitcoin was down 10-15% from the highs after an enormous run. All we actually got to do is reminisce at the worth at the beginning of the year when Bitcoin was trading at slightly under $30,000. It staggers me that the media and people that don’t really understand crypto are so fast to bash the whole sector when it’s up 100% on the year.

That said, a number of the commentary surrounding the falls within the broader market is warranted including the prospect of looming regulation. this is often a narrative that the media is pushing and when that happens we all know it's on the horizon. There are quite 9,200 coins and tokens and for the foremost part, 90% aren't all that useful or relevant. However, there are many who not only have utility but are clearly game-changers. and that we already know that the SEC is embroiled in its battle with XRP, which to me is that the crypto with the foremost utility of all ironically enough.

The other headline was that we had seen blackouts in China which hurt the hash rate. China is that the world leader in Bitcoin mining. Again, another narrative we must follow closely.

It’s also worth noting that last week was very bullish for the whole sector because of Coinbase listings on the NASDAQ. abandoning some gains is to be expected and hardly the top of the planet.

While I’m not an enormous fan of Bitcoin and that I think it'll be one among those that are hit hard by regulation, there are numerous great projects. I think we are on the cusp of another huge run within the alt-coins and that I won’t be selling any of my crypto holdings during this pullback.

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