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Bowl Leader
Probably for the health/sanity of traders. I recall one of my clients explaining that they brought in food every day because they didn't allow their traders to leave the office while markets were open.
Heard that from multiple people. The cost of food is peanuts in relation to the amount of money that can be gained or lost if they miss something
Markets do not exist for the benefit of sweaty day traders.
Markets being open 24h a day will just stretch out liquidity over a longer time window. That will increase volatility and the likelihood of a flash crash due to some twat executing a huge transaction at 3am. You already see it with UK/US FX trades on public holidays or APAC hours, and that market is as liquid as it gets.
Markets being closed also help ensure better risk management due to giving people time to assess their positions with stable market data.
It also lets market moving information to be distributed giving people time to digest it.
TLDR
If anything, market hours should be cut
I trade exclusively crypto and the markets are open 24/7. I can’t tell you how many times I have woken up in the middle of the night after having a bad dream that the market pumped or dumped against my trade bias. 😂
Rising Star
I got out of trading crypto partially for that reason. So stressful and it just never ends.