Users of the crypto exchanges, Binance and Coinbase, were unable to sign in with the platforms as a result of technical issues after Bitcoin surpassed $20,000.
For the first time in the entire history, the top digital asset has succeeded in turning above $20,000, and the largest cryptocurrency exchanges started showing issues over users’ screens due to unknown technical issues.
According to on-chain market data, the price value of Bitcoin reached as high as $20,800 after breaking the strong resistance level at $20,000.With the rise of king cryptocurrency, other cryptocurrencies also express bullish movements. As a result of investment inflow on the part of traders and investors, the market cap of the crypto markets increased by $40 billion.
The rush of potential traders and investors over the largest cryptocurrency exchanges results in technical issues that are faced by the users of these platforms.
After some users reported the issues, Coinbase came over Twitter and said the team was working over it. “We are aware that some users may be experiencing issues when trying to access the site or the mobile app. Rest assured our team is working on it,” the exchange said.
Binance CEO Changpeng Zhao also confirmed it and claimed the traffic jumped by 30x after the price increased by 5%. It is because the $20k is the most important psychological level that will set the future tune of the leading digital currency. He said the issues had been solved and later stated there were still some issues faced by customers of the exchange.
“Still some latency issues here and there. Working on it, all hands on deck. Bitcoin goes up 5%, traffic goes up 30x,” CZ said.
Coinbase, on the other hand, also admitted the faults which were going on when users tried to log in. Coinbase stated,” We are currently investigating this issue.”
This is not the first event that exchange faced some issues as a result of sudden price change. At the end of 2020, the price value of king cryptocurrency decreased from $10k to $8k in a sudden move and Coinbase went offline due to traffic load. And after sometime when the price again went above $10k, the users again reported some technical issue while logging with the platform.
According to CoinMarketCap, the price value of Bitcoin is standing at $20,800 after an increase of 7.55%.