Why crashing crypto market today
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The crypto market is crashing today due to a combination of factors, including ¹ ² ³ ⁴:
- Stronger-than-expected U.S. employment data, which has reduced the odds of a Federal Reserve rate cut.
- Liquidation of long positions, resulting in selling pressure.
- Over $387.83 million worth of liquidations in the crypto derivatives market.
- A bearish divergence in RSI, indicating a potential trend reversal.
- Geopolitical tensions and investor panic.
- Increased transaction fees on the Bitcoin network.
- Regulatory uncertainty and legal repercussions.