Binance Reports Service Outage Due To High Volumes.
2021-02-11 | Mike Hallen
Several leading cryptocurrency exchanges, Binance, have reported service outages
today on 11th Feb., following yesterday's high volume recorded.
In line with a recent
report earlier, news of Tesla's sizeable investment broke after
the finding of a filing with the United States SEC [Securities and Exchange Commission]. This caused Bitcoin price
to pump $3,000
within a matter of minutes, eventually claiming a new all-time high of $44,850 USD.
Problems were reported at
a number of renowned cryptocurrency exchanges, including Binance, whose CEO CZ tweeted that a traffic influx was causing temporary delays while auto-scaling
trapped,
and Tesla CEO Elon Musk was
responsible.
Many Kraken users took to Twitter to
complain that
the website was also down, although there was no official confirmation of this from the exchange itself till now.
The reported outages are just
the newest during a seemingly never-ending cycle of issues to occur at major exchanges when traffic volume spikes, causing some
within the crypto community to cry "foul play".
Despite assurances from the exchanges that past issues
are addressed, platforms
still crash on
a daily basis during high-traffic periods
like price pumps; the time when most investors want their service to be at its most stable.
Aside from news of Tesla's $1.5 Bln Bitcoin investment, the report filed with the SEC also suggested that Tesla would start
to simply accept Bitcoin [
BTC] as payment for its cars.
As the company can now hold reserves in Bitcoin,
it might not be got
to immediately liquidate tokens acquired
within this manner.
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