Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy
Binance, Coinbase, Gemini and Kraken are all having technical difficulties under heavy trading load.
Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy
Some of the biggest cryptocurrency exchanges were experiencing technical issues Monday after Tesla’s announcement of a $1.5 billion bitcoin investment saw prices rally to new highs over $44,000.
- According to status pages and tweets for Binance, Coinbase, Gemini and Kraken the platforms have experienced difficulties on web and mobile following a surge in bandwidth demand from traders.
- Binance disabled withdrawals for a short period, but, at press time, the exchange said these are once more functional.
- The issues come amid a spike in market activity after Tesla said in a filing with the U.S. Securities and Exchange Commission that it has invested $1.5 billion in bitcoin and “may acquire and hold digital assets from time to time or long term.”
- As the news quickly spread, bitcoin prices quickly rose around 15% to a new all-time high of $44,801.87, per CoinDesk 20 data. At press time, the cryptocurrency was trading around $43,640.
