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Binance, Coinbase Exchange Go Down Amid BTC Price Surge

Binance, Coinbase Exchange Go Down Amid BTC Price Surge
  • Exchange giants Binance and Coinbase reported having encountered platform connectivity issues recently.
  • They said this is due to the recent Bitcoin price spike of more than $20,000.

Exchange giants Binance and Coinbase announced to have faced platform outages recently. According to them, the outages were influenced by the recent BTC price spike of more than $20,000.

Both the exchanges suffered downtime issues the same day Bitcoin surpassed its all-time high of the above-mentioned $20,000. For this, Binance said that its recent issues are as a result of the number of individual users in the exchange.

Binance CEO Changpeng Zhao said,

Bitcoin just popped. Experienced some scaling issues. Should be fixed for now. Underestimated demand. Adding A LOT more ‘servers’ still.

In no time, CZ came out revealing some improvements and an increase of users-traffic on the platform. He added, “still some latency issues here and there. Working on it, all hands on deck.” CZ later marked the issue as resolved.

Progressively, Coinbase also posted on its official page that reads “Coinbase.com is experiencing connectivity issues shortly soon after Binance reported.

Meanwhile, Coinbase is known to have connectivity issues already whenever there is high website traffic.

Coinbase CEO Brian Armstrong said,

We’re working hard to add additional capacity (both in servers and customer support) to deal with increased traffic. Thank you for your patience during this time. And thank you to the team at Coinbase working hard to serve our customers! Bull runs can be exciting and stressful.

Bitcoin has already exceeded its previous ATH from 2017. At the time of writing, the BTC price is $23,126.38, according to CoinGecko.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.