Crypto Leverage Is Roaring Back, Fueling Latest Bitcoin Surge
- Big bets are being made on NFTs, decentralized finance apps
- Open interest is up nearly 90% on exchanges since October
After a dry spell of several years, leverage is roaring back into crypto — helping to fuel a new bull run in Bitcoin and a fresh wave of worries.
The largest cryptocurrency jumped as much as 13% to $63,968 on Wednesday, the biggest intraday rise since last March, before paring the increase by more than half. It was the fifth consecutive day of progressively higher prices, spurred in part by optimism over inflows into exchange-traded funds approved last month.