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.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Michael McSweeney
