Crypto derivatives exchange BitMEX has increased the leverage on its bitcoin perpetual swap, XBTUSD, from 100x to 250x ahead of the halving event.

"The increased leverage came upon requests from traders to profit from the volatility as the next Bitcoin Halving happens," BitMEX said Friday.

The bitcoin halving event is expected to occur within the next 24 hours and will reduce the issuance rewards for bitcoin miners from the current 6.25 BTC per block to 3.125.

"2024 is a great year for BitMEX and crypto traders. I believe it's also one of the last chances for those coming late to crypto to still make a difference in their lives and lifestyle," BitMEX CEO Stephan Lutz said in a statement. "With increased leverage of up to 250x for XBTUSD we want to ensure traders can capitalize the most …