The coronavirus epidemic is getting worse and spreading quite fast. Currently, New York State has declared a state of emergency because of the outbreak. This situation is now affecting Wall Street and taking a toll on company revenues as well as several indexes such as the Dow Jones Industrial Average (DIJA) and the S&P 500. However, trading exchanges seem to be safe at the moment.
Many banks in the U.S. and even in London, have restructured their work to keep safety standards up. For others, they have begun to enforce remote work, so people do not have to gather in the office. Reports have it that Goldman Sachs did a test run for remote work and both JPMorgan and the Bank of America have done a lot of restructuring.
The crypto industry, however, already has an advantage. These exchanges do have physical locations where some services are carried out. But for the most part, many activities are handled remotely. For this reason, even the biggest crypto exchanges have staff strength a lot smaller than traditional businesses.
But even with this, the outbreak has also affected the market price of a few crypto companies. These companies are facing the ripple effects of several actions and restrictions taken by the world’s governments.
Image Credits: Pixabay
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