CME Exchange Halts Operations As WHO Declares Coronavirus as Pandemic

  • WHO declared Coronavirus Pandemic
  • Share Market Plummets. Sensex tanks over 1,800 points, Nifty at 9,900
  • CME becomes the first US Exchange to close due to concerns over Coronavirus

The International market is highly gripped under Coronavirus fears. The World Health Organization on Wednesday declared the novel coronavirus outbreak a pandemic. Additionally, It issued a grim warning that the global spread and severity of the illness was due to “alarming levels of inaction”.

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WHO Director-General Tedros Adhanom Ghebreyesus said “We have never before seen a pandemic sparked by a coronavirus. And we have never before seen a pandemic controlled at the same time,” 

SO, how Coronavirus Termed as Pandemic?

As per sources, a pandemic is the “worldwide spread” of a new disease. There are around 118,000 cases, almost 4,000 deaths and still counting, the agency said. The virus has found a foothold on every continent except for Antarctica.

In addition, Below image shows the countries affected with the COVID-19

coronavirus countries

International Share market suffering due to COVID-19 pandemic

The International share market has faced the worst wrath of this Coronavirus Pandemic. From the moment of WHO declaration, share market has gone into frenzy.

  • The Dow Jones Industrial Average plunged around 1,465 points, or 5.9 percent, to 23,553.22.
  • Moreover, Donald Trump suspended the travel options from Europe coming to the USA for 30 days.
  • S&P 500 (SPX) futures fell 3.67% and Nasdaq (COMP) futures were down 3.92%.
  • Hong Kong’s Hang Seng Index (HSI) fell 3.8% 
  • Sensex plunged over 2000 points while Nifty falls below 10000

There is going to be market turbulence and it is going to be a traders’ market. There is definitely a demand shock in the share market from coronavirus outbreak. Said Santosh Rao, Senior MD, Manhattan Venture Partners

Among all this, even crypto industry is not left unaffected.

CME suspends its Chicago trading amidst Coronavirus

The Chicago Mercantile Exchange (CME) group, the second firm to launch Bitcoin Futures trading has announced to cease trading in its Chicago branch from March 13. The firm says this is just a precautionary measure to avoid the Coronavirus pandemic.

The closing will take effect Friday “at the close of business,” CME 

This announcement makes CME the first exchange to halt trading over Coronavirus concerns.

“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.” CME further added.

CME said floor traders in Chicago will receive an “additional q&a” on Thursday “related to the execution of certain floor products, procedures and protocols and other floor-related practices.”

The CME took this decision as many employees in other regions are advised to Work-from-home.

With the COVID-19 outbreak still spreading wide-afar, there is no doubt that many crypto firms would opt for the temporary closure of their services.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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