Unlike equities or bonds, crypto trades on-chain, across over-the-counter desks, and on exchanges every day.

"I'd like to lodge a complaint against whoever decided that crypto should trade 24/7," crypto mogul Barry Silbert mused in a recent tweet making light of the situation in the midst of the Luna-triggered drawdown.

An undeniable aspect of a 24/7 market is that there are pockets of low liquidity when market participants pull back — for instance, over the weekend or during holidays — leaving the market open to manipulation. Historically, crypto markets are more volatile during weekend trading sessions, according to data from The Block.

In Mercer's view, a 24/7 market levels the playing field for market participants who don't have the sophisticated tools at their disposal to hedge positions during off-market hours. While a large investment firm may be able to do off-book trades with another large counterparty, a mom-and-pop retail trader in the US must wait until 9:30 am EST to act on her market decision.

"Markets are tools for price discovery," [Colkitt] said in a recent tweet. "Continuous trading is high fidelity information."

Some even think that 24/7 markets are likely to become the norm in traditional markets.

According to LMAX's Mercer, this type of expansion of hours is "inevitable."

Rival Robinhood has already hinted that it is keen to expand its market to 24/7 for its stock brokerage business.