Binance and Coinbase faced technical problems on Wednesday – the same day that Bitcoin (BTC) first crossed the $ 20,000 price limit. Binance links its business to the number of people viewing the stock market.
Changpeng Zhao, or CZ, the CEO of Binance, tweeted on Wednesday at 14:13 UTC:
“#Bitcoin has just appeared. I ran into some scaling issues. They need to be solved now. The demand is minimized. Add more servers. ”
An update from CZ came in about half an hour and revealed improvements as well as a significant increase in the number of users on the platform. “Here and there, there are still problems with waiting times. Working with him, everyone is ready, ”he tweeted, adding:“ Bitcoin is up 5%, traffic is up 30 times. At 14:56 UTC, Czechoslovakia noted that the situation was resolved.
Bitcoin surpassed the $ 20,000 mark at 13:42 UTC on December 16 for the first time ever, according to TradingView.com, hitting a price close to $ 20,800 at 14:14.
14:45 UTC Coinbase also reported issues on its status page. “Coinbase.com is having connectivity issues,” the exchange said. The exchange reported that the issue was resolved at 4:27 pm.
Coinbase has encountered technical difficulties on numerous occasions during heavy traffic and has commonly cited “connectivity issues” as the reason. Coinbase CEO Brian Armstrong recently said that the exchange is working on solutions to ensure high website traffic.