What happened over the weekend

Leverage went the wrong way and the market paid for it. Bitcoin fell 5.7% during US hours on Saturday, then kept sliding in Asian trading on Sunday to a low of $62,112, another 3.6% down and the softest level since July 14. Ether was hit even harder, dropping 8% during the US session before easing another 3.4% on Sunday to $1,711, its weakest mark since July 8.

The scale of the liquidations

Big wipeouts are no longer rare. Large liquidation events – more than $500 million of Bitcoin positions cleared within a single day – have been showing up again and again as sharp price moves sweep out leveraged traders….