The world’s leading crypto exchange, Binance, faced technical problems after Tesla announced its $1.5 billion Bitcoin purchase. Bitcoin price exploded in the past hour after electric vehicle giant Tesla announced that it had purchased $1.5 billion worth of BTC in January. However, the massive volatility and presumably increased interest have caused technical difficulties for Malta-based exchange Binance. As
Kriptokoin.com , we reported today that Elon Musk’s Tesla allocated $ 1.5 billion BTC in January 2021, according to the form submitted to the US Securities and Exchange Commission. Naturally, such a large asset allocation by one of the world’s most powerful companies has impacted its price. In the next minutes, it added almost $6,000 in value at the expense of BTC. It surpassed the previous all-time high of $42,000, setting a new record of nearly $45,000.
These developments have brought unexpected issues for leading crypto exchange Binance. The company said on its Twitter account, “We are aware that there are some intermittent issues,” and that “our team is working on this issue.”
We are aware of some temporary difficulties accessing https://t.co/QILSkzx7ac.
Rest assured our team is working on it.
Thank you for your patience and apologies for any inconvenience caused.
— Binance (@binance) February 8, 2021
Binance CEO Changpeng Zhao says your troubles are “from heavy traffic coming in” explained the origin. Noting that the delays were only seen in some regions, CZ argued that everything should be resolved as soon as possible.
Massive incoming traffic. Some lags observed in some regions. Auto scaling. Should catch up soon. All because of Elon.
— CZ 🔶 Binance (@cz_binance) February 8, 2021
Binance CEO also said that “it’s all because of Elon” believes. However, users were not happy about this as they expected instant access to their funds, especially during periods of high volatility. Even the well-known British Youtuber KSI complained about this problem on Twitter.
BINANCE PLEASE FAM
— ksi (@KSI) February 8, 2021
Musk also updated his Twitter profile to include only the word “Bitcoin” There was an unprecedented price movement. The price became parabolic again and Binance, Kraken and Bittrex faced technical difficulties. But the situation has been resolved on all platforms.
Bitcoin exchange Binance’s latest status
At the time of writing, the problem that appears in Binance seems to be resolved.
The final system scale is taking effect now and most users should already have full access to https://t.co/QILSkzOI1K in addition to the mobile app.
Tech team are doing final checks.
— Binance (@binance) February 8, 2021
Precise system scale is now enabled and many users are now using the portable app. Additionally, it must be accessing http://Binance.com.
The technical group is conducting the final inspections.
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