A Domino Effect is as legit as it gets in the digital asset industry and the market is up for a toss again as recent reports suggested that Tesla had invested a whopping $1.5 billion in Bitcoin over the month of January. Elon Musk has been promoting Dogecoin all week but the recent news has currently taken Bitcoin very close to $45k.
However, with the breaking news, the floodgates have opened on trading activity, and one of the largest exchanges hasn’t been able to keep up with the increased load.
Binance Network Fails following Bitcoin Spike
Binance was unable to process a verification for user login. Logged in users also faced the problem of setting up new buy orders to invest more capital in Bitcoin.
The Bitcoin community on Binance expressed their difficulties on Twitter, with notable personalities raising concern.
BINANCE PLEASE FAM
— KSI (@KSI) February 8, 2021
Surprisingly, Bitfinex was operating uninterrupted. However, it is important to consider that the level of activity witnessed by Binance might not be same as any other platform at the moment.
The only reason I have remained a Bitfinex maxi over the years. It is literally always up.
Or you could say.
Please provide liquidity for my trades: https://t.co/h6LwZSWsaV
— KING CO฿IE ? (@CryptoCobain) February 8, 2021
Binance CEO, Changpeng Zhao commented on the situation and suggested that the auto-scaling is currently taking place and the network should be up any moment. However, the community were vocal in expressing their disappointment as the exchange remained inoperable.
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