Bitcoin finally breached the $ 20,000 resistance level. The record-breaking price caused massive traffic on countless cryptocurrency exchange platforms such as Binance and Coinbase.
Bitcoin price is at all times causing issues for Binance
For weeks now, many cryptocurrency enthusiasts have been hoping that the bitcoin price will reach the resistance barrier of $ 20,000. This record was broken recently, as Bitcoin (BTCNot only did it break the $ 20K resistance, it also spiked even higher $ 23,000 in the past 24 hours.
As a result of this all-time high rate (ATH), cryptocurrency exchanges around the world have seen a massive increase in their traffic. Even some of the biggest and most popular platforms were overwhelmed by the amount of traffic they were able to attract during this period. Binance and Coinbase, in particular, have had the most traffic, causing their platforms to see some problems.
Binance CEO, Changpeng Zhao (CZ), at Prof. tweet, He told users of his platform that the exchange is currently facing an expansion issue that will be fixed immediately. According to him, the platform underestimated the demand for crypto assets, which led to difficulties in his trade.
To mitigate any future recurrence of such problems, he added that the company was adding “more servers”.
There are still some latency issues here and there. Work on it, all hands on deck. 🙏
Bitcoin rose 5%, and traffic increased 30 times. https://t.co/lxSAX4lx3B
– Czechoslovakia Binance (cz_binance) December 16, 2020
Zhao also indicated that Binance was experiencing some latency issues, but the exchange is doing its best to clear the issue. He went on to emphasize that the traffic is not unusual because whenever the currency price moves at least 5%, there is always an increase in traffic.
Coinbase also has problems
Coinbase has also encountered issues similar to those of Binance. The company did an action Advertising Regarding this issue and continue to resolve the issue almost immediately.
While the Binance platform was a one-off, Coinbase has a history of recurring issues on its platform that usually mark them as “connection issues.”
The company’s CEO, Brian Armstrong, has announced several times that the company is working hard to eliminate any such issue on the stock market.
Apparently, the company tends to run into technical issues when its website has a higher engagement rate.
What do you think of the major cryptocurrency exchanges facing problems when cryptocurrency prices rise? Let us know what you think about it in the comments section below.
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