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Why is the cryptocurrency market crashing today?

The current cryptocurrency market crash was caused by a combination of factors, including the following:

- US employment data beat expectations, making it less likely that the Federal Reserve will cut interest rates.

- Long positions were liquidated, leading to selling pressure.

- Liquidations in the crypto derivatives market exceeded $387.83 million.

- The RSI shows a bearish divergence, indicating a possible trend change.

- Geopolitical tensions and investor panic.

- Transaction fees on the Bitcoin network have increased.

- Regulatory uncertainty and legal implications.

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