BTC fell from $57,800 at the start of trade to $54,300 at the end. Over the last 24 hours, 234,825 merchants have been liquidated for a total of $1.62 billion. The rise before the sharp drop seems to have been a ruse. The market is currently over-leveraged as well. Long and short cryptocurrency positions are liquidated in large part due to the high leverage provided by many exchanges and the extreme volatility of Bitcoin.