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 began to drag 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 what we should normally expect.

I find all the coverage quite laughable given that Bitcoin was down 10-15% from the highs after a big run. All we really need to do is look back at the price at the start of the year when Bitcoin was trading at a touch under $30,000. It staggers me that the media and those that don’t really understand crypto are so fast to bash the entire sector when it’s up 100% on the year.

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

The other headline was that we had seen blackouts in China which hurt the hash rate. China is 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 entire sector thanks to Coinbase listings on the NASDAQ. Giving up some gains is to be expected and hardly the end of the world.

While I’m not a big fan of Bitcoin and I think it will be one of the ones that is hit hard by regulation, there are so many great projects. I believe we are on the cusp of another huge run in the alt-coins and I won’t be selling any of my crypto holdings during this pullback.