Corona Virus has taken the headlines across the globe as firms and economies suffer from the pandemic. While the cryptocurrency market has remained comparatively immune for the past few weeks as other global assets tanked, the market is finally catching a cold as CME announced the closure of its BTC Futures at the end of day on March 13.
Notwithstanding, the price of BTC has tanked to April 2019 levels after a $1,800 USD drop in price at 10.00 AM GMT on Thursday. Will the cryptocurrency market survive the global epidemic and reverse the ultra-bearish trend?
CME set to close trading floor in Chicago
In an announcement from CME, the second company to offer regulated BTC futures in the U.S, trading on the platform will be suspended starting Friday, 13th March at the close of business. The derivative exchange said the move to shut down its trading offices in Chicago is a precautionary move to the increasing cases of COVID-19 virus across the U.S and the world.
Trading will continue normally on CME Globex, with the company only aiming to reduce the large gatherings of people in accordance with medics recommendations. The statement further reads,
“No coronavirus cases have been reported on the trading floor or in the Chicago Board of Trade building. The reopening of the trading floor will be evaluated as more medical guidance on the coronavirus becomes available.”
The Corona Virus effect on Bitcoin?
After CME’s announcement of the closure of its offices come Friday the 13th, BTC’s price has dipped to 11-month lows at $5,600 USD. After a period of immunity against the global pressures that saw the price of stocks plummet and oil price wars by Russia and Saudi Arabia, crypto is finally catching on following the bearish trend.
Currently, a number of crypto firms have tried to mitigate the Coronavirus problem offering work of home assignments, such as Coinbase, Gemini and Blockstack. However, the market looks headed to a crash below the $5,000 mark as fears rise across the investor pool.