What is 3x trading?

Could you please explain what 3x trading entails? I've heard about it in the context of cryptocurrency trading, but I'm not entirely clear on how it works. Is it a form of leverage that allows traders to amplify their potential profits, but also their losses? And if so, how does it compare to other leverage options in the market? Additionally, are there any specific risks or considerations that traders should be aware of when engaging in 3x trading?