Bitcoin traders using up to 100-to-1 leverage are driving the wild swings in cryptocurrencies

The price of cryptocurrencies tanked last week, with bitcoin losing roughly a third of its value in a matter of hours.Brian Kelly, CEO of BKCM, pointed to firms in Asia such as BitMEX allowing 100-to-1 leverage for cryptocurrency trades.Robinhood does not allow traders to use margin for cryptocurrency, and Coinbase only allows it for professional traders.Bitcoin traders liquidated roughly $12 billion in levered positions last week as the price of the cryptocurrency spiraled, according to the crypto market expands, Ryan said he expects leverage to become less of an influence, especially as more institutional capital comes in.