Bitcoin (BTC) hits $ 42,000 on January 8, 2021. Exchanges are left behind by the bulls in their race. Major platforms are facing overhead issues from the explosion of transactions as BTC crosses $ 40,000.
Bitcoin blows up exchanges
Coinbase, Binance, Kraken and Gemini, were all victims of technical problems on January 7, 2021, while Bitcoin passed the 40,000 USD mark.
Coinbase seems to have been the most affected. The assistance service of Coinbase indicated that the team has identified connectivity issues and is working to resolve them as quickly as possible on the platforms Coinbase and Coinbase Pro available from web and mobile applications.
On the side of Binance, Changpeng Zhao stated that this new ATH from Bitcoin This was accompanied by an ATH in trading volumes. According to him, the platform system was experiencing a web socket problem.
Gemini slower than bulls
Kraken also acknowledged that their system was experiencing loading issues.
The exchange’s support page says these issues are resolved, for now. Earlier, Kraken had been forced to limit certain types of transactions.
The website of Gemini indicated that the platform’s systems were experiencing performance issues and that their technical team continued to seek solutions.
A spokesperson for Gemini had mentioned that the exchange had not suffered any downtime or breakdown; however, during peak periods, users may experience some slowness in the process.
He added that Gemini increased its capacity to cope with increased traffic and demand; the exchange will do the same in the future if necessary.
Should we expect a general shutdown of all exchanges when BTC reaches (soon) USD 50,000? The bulls are putting pressure on major crypto players: miners fail to generate enough BTC with the gargantuan appetite of institutional investors, creating a supply-side BTC shortage; the exchange servers let go with a Bitcoin crossing 40,000 USD. With an Ether (ETH) approaching its ATH and which is also now attracting the attention of institutions, exchanges will have to quickly put in place solutions to scale the processing capacities of their platform.
Litecoin, welcome in the Silver Age