Both Binance and Coinbase ran into a tech crash on Wednesday - the same day Bitcoin crossed the $ 20.000 price threshold for the first time. The Binance incident involves an overload of users logging into the exchange.
Changpeng Zhao (CZ), the CEO of Binance, tweeted at 21:13 last night that:
- CZ Binance (@cz_binance) December 16, 2020
An update from CZ arrived about half an hour later, revealing improvements, as well as a dramatic increase in the number of users on the platform.
There are still some latency issues here. All are working together to fix. Bitcoin increased 5%, traffic increased 30 times.
By 21:56 pm, CZ noted that the situation had been resolved.
Bitcoin broke above $ 20.000 for the first time at 20:42 p.m. on December 16, reaching a price point of nearly $ 12 at 20.800:21, according to TradingView.com data.
At 21:45 pm, Coinbase also reported the issues facing the exchange via status.coinbase.com
Coinbase.com is having connection problems.
By 23:27, the exchange announced that the problem had been resolved.
Coinbase almost always has technical difficulties during periods of high traffic, and often reports "connectivity problems" as the cause. Brian Armstrong, CEO of Coinbase, recently said the exchange is working towards solutions that handle high levels of interaction on the platform.