Binance and Coinbase are experiencing cuts as Bitcoin price soars

Binance and Coinbase suffered technological issues on Wednesday – the same day Bitcoin (BTC) crossed the $ 20,000 price threshold for the first time. Binance linked his issues to the number of people surfing the exchange.

Changpeng Zhao, or CZ, CEO of Binance, tweets Wednesday at 2:13 pm UTC:

“#Bitcoin has just ticked. Have experienced some scaling issues. It should be installed for the time being. Demand underestimated. Still adding A LOT more ‘servers’. ”

An update from CZ came about half an hour later, revealing improvements, as well as a dramatic surge in users on the platform. “Still having some latency issues here and there. Working on it, everything on deck, ”he said tweets, adding: “Bitcoin increases by 5%, traffic increases by 30x.” By 2:56 pm UTC, CZ noted the situation as resolved.

Bitcoin broke above $ 20,000 for the first time ever at 1:42 pm UTC on December 16, reaching a price near $ 20,800 by 2:14 pm, according to data.

At 2:45 pm UTC, Coinbase reported issues through its status page. “ is experiencing connectivity problems,” the exchange posted. The exchange said the problem was resolved at 4:27 pm.

Coinbase has a history of technical difficulties during periods of high traffic, commonly referring to “connectivity issues” as the case. Brian Armstrong, CEO of Coinbase, recently He said the exchange is working towards solutions for dealing with high website engagement.