The long-awaited rise in Bitcoin’s price beyond USD 20,000 caused an increase in traffic at the crypto-currency exchanges.
Both Binance and Coinbase suffered technological problems on Wednesday, the same day that Bitcoin (BTC) crossed the $20,000 price threshold for the first time. Binance related its problems to the number of people browsing the exchange.
Changpeng Zhao, or CZ, Binance’s CEO, tweeted on Wednesday at 2:13 pm UTC:
„Bitcoin just blew up. We experienced some scale problems. They should be fixed by now. Demand underestimated. Adding MUCH more ’servers‘ still“.
A CZ update came about half an hour later, revealing improvements, as well as a dramatic increase in users on the platform. „There are still some latency issues here and there. We’re working on it, we’re all working on it,“ he tweeted, adding, „Bitcoin Circuit is up 5%, traffic is up 30 times. At 2:56 pm UTC, CZ pointed out that the situation was resolved.
Bitcoin surpassed USD 20,000 for the first time at 1:42 pm UTC on December 16, reaching a price close to USD 20,800 at 2:14 pm, according to TradingView.com.
At 2:45 pm UTC, Coinbase also reported problems through its status page. „Coinbase.com is experiencing connectivity issues,“ the exchange reported. The platform said the problem was resolved at 4:27 pm.
Coinbase has a history of technical difficulties during periods of high traffic, which commonly refer to „connectivity issues“ as the cause. Brian Armstrong, CEO of Coinbase, said recently that the exchange is working toward solutions to handle high participation in the website.