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Binance’s network crashes following Bitcoin-Tesla news
Written by Written by Biraaj T
Reviewed by Reviewed by Biraaj T
Updated February 8, 2021
Bitcoin

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

Source: Binance

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.

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.

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.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

Biraaj T

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

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