BitMEX’s Bitcoin perpetual swap now offers 250x leverage ahead of the halving.
Cryptocurrency derivatives exchange BitMEX increased the leverage of XBTUSD, a Bitcoin perpetual swap, from 100x to 250x ahead of the halving event.
“The increased leverage comes as traders look to profit from volatility as their next trade. bitcoin 
BTC
+5.36%
The Bitcoin halving event is expected to occur within the next 24 hours and minting rewards for Bitcoin miners will be reduced from the current 6.25 BTC per block to 3.125 BTC.
“2024 is a great year for BitMEX and cryptocurrency traders,” BitMEX CEO Stephan Lutz said in a statement. “I believe that people who come late to cryptocurrency still have one of the last opportunities to make a difference in their lives and lifestyles,” he said. “We want to increase the leverage on XBTUSD up to 250x to enable traders to generate as much profit as possible during a bull market.”
It is worth noting that increasing leverage can also increase the risk of a trade going sour and being liquidated.
Since its initial launch in May 2016, the XBTUSD perpetual swap has become the most traded cryptocurrency derivative of all time, with total trading volume exceeding $3 trillion on BitMEX alone.
Despite a sharp drop overnight, the price of Bitcoin has recovered and is currently trading around $64,500, according to The Block’s Bitcoin price page.
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