Weekend market tumult triggers record number of crypto futures liquidations

This weekend's market turmoil resulted in the triggering of roughly 864,000 crypto futures liquidations, a new single-day record according to data collected by The Block.

As shown in the chart below, about 70 percent of those liquidations -- some 613,000 -- occurred on crypto exchange Binance.

In total, $8.46 billion in long liquidations occurred on April 17, as shown in the chart below. $4.35 billion and $1.59 billion took place on Binance and Huobi, respectively. Of the total value of liquidations, $4.6 billion were bitcoin futures liquidations.

The price of bitcoin touched a low of $51,300 on Coinbase amid the Saturday market tumult before recovering above the $55,000 level. At press time, the price of bitcoin is trading at roughly $55,200. 

Seven of the top-10 cryptocurrencies by market capitalization have posted declines in excess of 10 percent in the past 24 hours, according to CoinGecko