The Casino Crowd Is Back Across Markets With Soft Echoes of 2021

Three years since speculative fever engulfed the US investment landscape, thrill seeking is back in vogue — even before Jerome Powell & Co. take their foot off the monetary brake.

Bitcoin’sresurrection above $60,000 is once again front-page news as meme coins rally anew. Gambling spirits go way beyond crypto, though. Demand for bullish stock options, another mainstay of the 2021 investing era, is booming. Pandemic superstars like Carvana Co. and Beyond Meat Inc. have surged — burning bears along the way.

While not the province of small-fry traders, risky debt issued by Corporate America is on the up as ...