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Crypto Panic: Binance, Coinbase Face Outages as Markets Plummet
Crypto Market Crash – A brutal wave of sell-offs and liquidations shook the crypto markets, wiping out more than $9.5 billion in just 24 hours and triggering widespread system outages across major exchanges.
Bitcoin and Ethereum Lead Sharp Decline
The downturn, one of the steepest intraday drops of the year, saw Bitcoin fall 6.88% and Ethereum drop 11.91%. The pain was even worse for altcoins, with Cardano plunging 23.7% and Dogecoin sliding 22.7%. Other major tokens like Solana, XRP, and BNB also posted double-digit losses, as red dominated the market heatmaps.
According to data from Coinglass, the sell-off resulted in over $8 billion in long positions being liquidated, compared to $1.5 billion in shorts. The liquidations were largely fueled by leveraged traders, who were caught off guard by the sudden move.
Exchanges Struggle Under Heavy Load
The extreme volatility overwhelmed the infrastructure of top trading platforms. Binance, Coinbase, and Robinhood all experienced delays, errors, and intermittent outages as trading volumes surged.
Binance acknowledged its systems were “under high load due to heavy market activity,” warning users of potential display issues. Coinbase reported “latency or degraded performance” but assured users that funds remain secure. Meanwhile, Robinhood users reported trade delays and unresponsive charts, though the platform has yet to issue an official update.
Macro Pressures Trigger Panic Selling
The sharp correction is being attributed to a mix of macro headwinds — including escalating U.S.–China trade tensions, a broader risk-off sentiment in equities, and profit-taking after recent optimism around crypto ETFs.
Frustration Mounts Among Retail Traders
As platforms buckled under pressure, retail traders voiced outrage online. One frustrated user posted, “Not letting retail buy low. LOL. You lot are a disgrace. You know exactly what you’re doing.”
Despite improved infrastructure in recent years, this crash highlights how even the biggest centralized exchanges remain vulnerable during periods of intense market stress.
