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Bitcoin soars, Binance and Coinbase crash

Both Binance and Coinbase experienced technical problems on Wednesday, December 16, when the price of Bitcoin (BTC) exceeded $ 20,000 for the first time in history. Binance attributed the technical glitches to the number of people on the stock market.

Binance CEO Changpeng Zhao said in a post on Wednesday:

“BITCOIN IS UP. WE HAD SOME SCALING ISSUES. IT SEEMS TO HAVE BEEN CORRECTED FOR NOW. WE UNDERESTIMATED THE REQUEST. WE’LL ADD MORE SERVERS.“

CZ announced improvements in the update, which it shared about an hour later, and said it had seen a huge increase in users on the platform. “We’re still having some delay issues. We’re working on that.“When Bitcoin goes up 5%, traffic goes up 30-fold,” Binance CEO CZ added.

Bitcoin topped $ 20,000 on December 16 for the first time in history
Coinbase also reported some problems: “Coinbase.com he’s having connection problems.”The exchange reported that the problem had been resolved.

Coinbase tends to experience technical problems when traffic is heavy, and often refers to this as a “connectivity issue.” Coinbase Chief Executive Brian Armstrong said the stock market was working to address problems with high traffic.

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