Major Exchanges Experience Technical Issues as Bitcoin Price Drives in Massive Traffic

Bitcoin has finally broken the $20k resistance level. The record-breaking price caused massive traffic on a myriad of crypto exchange platforms like Binance and Coinbase.

Bitcoin All-Time Price High Causes Issues on Binance

For weeks now, many crypto enthusiasts have been hoping that the price of bitcoin would scale the $20k resistance barrier. That record was broken recently, as bitcoin (BTC) not only broke the $20k resistance but also got as high as over $23k within the last 24 hours.

As a result of this all-time high (ATH) price, crypto exchanges around the globe witnessed a massive surge in their traffic. Even some of the biggest and most popular platforms were overwhelmed with the amount of traffic they were able to draw within this period. Binance and Coinbase, in particular, had the most traffic, which caused their platforms to see some issues.

The chief executive officer of Binance, Changpeng Zhao (CZ), in a tweet, told his platform users that the exchange was currently experiencing a scaling issue that was going to be fixed immediately. According to him, the platform had underestimated the demand for the crypto asset, which resulted in difficulties for his trading exchange.

To mitigate against any future recurrence of such issues, he added that the firm was adding “a lot more servers.”

Still some latency issues here and there. Working on it, all hands on deck.