As crypto markets crashed Friday evening, many traders rushed to take advantage of once-in-a-quarter price levels – only to find themselves locked out.
Major exchanges including Binance and Coinbase, delays, or outright outages at the very moment Bitcoin, Ethereum, and XRP hit their lowest points. According to user reports, many buy orders were failing to execute, deposits were rejected, and transaction confirmations were delayed across multiple platforms.
In a post on X, Binance admitted it was under “high load” and warned of “intermittent delays or display issues” as volatility spiked. Coinbase followed with a similar message, acknowledging latency and degraded performance, but assured users that funds remained safe.
That assurance wasn’t enough to calm the wave of frustration that quickly spilled onto Reddit and X.
“I Tried to Buy – Nothing Went Through”
Hundreds of Reddit users reported failed transactions, locked funds, and inability to access balances right when major tokens were trading at steep discounts. XRP dipped as low as $1.50, Bitcoin briefly fell to $101,500, and Ethereum slid under $3,500 – but many traders couldn’t take advantage.
Some were stuck waiting for deposits to clear, while others placed orders that later showed as failed – even when tokens appeared in their wallets.
The situation hit nearly all major platforms, with few exchanges escaping criticism. While DEX users claimed they were able to transact without issues, centralized platforms bore the brunt of the load – and the blame.
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Could It Have Made the Crash Worse?
The trading disruptions may have had a broader market impact as well. Some analysts now speculate that the inability of retail users to “buy the dip” may have deepened the crash, as fewer buyers were able to absorb panic selling or add liquidity at key levels.
With over $9.5 billion in liquidations triggered in 24 hours – including nearly $7 billion in the first hour – the lack of accessible platforms left many sidelined as prices fell off a cliff.
Same Story, Different Crash
This isn’t the first time exchange issues have appeared during extreme volatility. Flash crashes in 2021 and 2022 also led to reports of outages, lag, or rejected trades. But the timing here, with Donald Trump’s surprise tariff announcement and a fast-moving liquidation cascade, has amplified accusations of favoritism and market manipulation.
While exchanges have since restored full functionality, the event left a bitter taste for many. The phrase “buy the dip” only works when the platform lets you – and yesterday, many felt that opportunity was taken away right when it mattered most.
Read also: CEX vs DEX: Which One Should You Use?
