CME Trading Halt Sparks Outcry Amidst Cooling Issue

The Chicago Mercantile Exchange (CME), the world’s largest financial derivatives exchange, announced a trading halt for approximately 10 hours from Thursday into Friday, sparking significant discontent among traders before service was restored. According to an announcement from the CME, the trading halt was attributed to a “cooling issue” at the CyrusOne data center located in Illinois, USA. The exchange confirmed in a subsequent update that full trading was restored, and all markets resumed trading at 1:30 pm UTC on Friday. Meanwhile, traders voiced their displeasure with the critical disruption, which locked some users in their existing positions, prevented others from initiating new trades, and effectively halted price discovery. Stock trader Timothy Bozman accused the CME of market manipulation, questioning how “a simple issue could take down CME’s entire futures platform?” Another X user commented, “Very convenient that this happens in Asia on Thanksgiving Day, when there’s already low volume. Sounds like you’re trying to manipulate the markets quickly in a certain direction.” The backlash from traders continued even after the issue was resolved, with numerous individuals pointing out that the trading halt occurred minutes before silver futures contracts reached an all-time high of $54, further fueling speculation.

Impact of Trading Halt on Bitcoin Futures Prices

Bitcoin futures contracts continued their upward trajectory following the market halt. The CME does not publish regular trading data for Thanksgiving Day, which fell on Thursday this year. However, Bitcoin futures contracts closed on Wednesday at $90,355 and opened at $90,940 on Friday, according to data from TradingView. Bitcoin futures prices sustained their climb on Friday, rising to over $93,000 at the time of this writing, as BTC rebounds from the local bottom of $80,522. Analysts suggest that BTC is facing resistance at $95,000, but if the cryptocurrency can reclaim $95,000 as support, it could potentially bounce back into the $100,000 territory. The recent dip to just over $80,000 marked the market's lowest point, according to investor and analyst Arthur Hayes, who indicated that easing liquidity conditions would propel BTC to higher levels in 2026, while also cautioning that another short-term drop could occur in the interim.

Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

Latest news