Binance, in the early hours of Saturday, told its community about its platform undergoing technical setbacks. The exchange posted on X that its systems are experiencing high loads owing to heavy market activity. The development comes after U.S. President Donald Trump levied additional 100 percent tariffs against China.
Sharing the update to its 14.8 million X followers, the exchange said, “Some users may experience intermittent delays or display issues.”
In order to curb the market hysteria, Binance ensured its users that their funds are absolutely safe and that its teams are monitoring the glitch situation keenly.
Fresh tariff threat by Trump triggers market collapse
U.S. President Donald Trump, in a Truth Social post, claimed that China has been reaching out to countries expressing its desire to impose “export controls” on every element of production.
The markets reacted strongly to Trump’s message with the crypto sector clocking massive liquidations between $5.5 billion- $6 billion within the last 60 minutes, as per Bloomberg. As per CoinMarketCap, the overall crypto market valuation has fallen by 8.52 percent to claim the capitalization of $3.78 trillion. Bitcoin, at the time of writing, was trading at $112,748.
The official handle of Coinbase Support has also posted an alert similar to that of Binance’s — warning users about ongoing app glitches.
“We are aware that customers may be experiencing latency or degraded performance when transacting,” it said.
On the heels of President Trump looking to cancel his rendezvous with Chinese President Xi Jinping next month, the Dow Jones Industrial Average reportedly tumbled 385 points, or 0.8 percent, while the S&P 500 and Nasdaq fell by 1.25 percent and 1.75 percent respectively.