Binance and Coinbase Encounter Technical Problems as Bitcoin Smash All-Time High

December 18, 2020 4:05 PM UTC

The giant cryptocurrency exchanges Binance and Coinbase experienced technological issues amid the Bitcoin price rally. Binance stated that system complications occur as the number of users appear on the platform.

Binance’s CEO Changpeng Zhao posted a tweet on Wednesday:

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

While disclosing platform improvements, CZ mentions an extensive explosion of users. He tweeted, “Still some latency issues here and there. Working on it, all hands on deck,” adding: “Bitcoin goes up 5%, traffic goes up 30x.”

On the other side, Coinbase also disclosed technical issues through its official status page. The exchange posted, “Coinbase.com is experiencing connectivity issues.” However, at 4:27 pm UTC, the exchange announced that the problem was fixed.

Crypto Sphere Responds to Bitcoin Bullish phases 

Analysts believe that several factors contribute to Bitcoin’s price rally, including Grayscale massive pick up of Bitcoin on behalf of its user, PayPal crypto support, and mainstream investment from institution players, such as MicroStrategy. The price of Bitcoin has just smashed the $20,000 barrier after endless speculations. According to data from CoinMarketCap, Bitcoin’s price surged to its current all-time high of $23,642.

BlockFi CEO Zac Prince said, “We all knew this was coming. It was just a matter of when not if. It feels good to see the market validation of all the hard work that this industry has put in over the last few years/decade.” He added, “It’s still early. It’s gonna be a lot higher this time next year.”

Following Bitcoin’s growing trend, the second-largest cryptocurrency Ethereum has jumped almost 10% in the past 24 hours and over 30% in the last month. Based on Nomics data, Ethereum is trading for above $646. However, compared to Bitcoin, Ethereum is still standing at a distance from its all-time high of $1,392, the record set in 2018. 

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