Bitcoin‘s recent price surge to a high of $64,000 has led to technical difficulties on major cryptocurrency exchanges. This sharp rise, which approached record levels, triggered overwhelming traffic and led to issues, particularly on Binance and Coinbase.
Exchange Outages During Price Volatility
The rapid increase in Bitcoin’s value was followed by a swift decline to $59,000, all within minutes, which correlated with significant problems at Binance and Coinbase, two of the world’s largest cryptocurrency exchanges in terms of volume. Binance users experienced disruptions, particularly on the mobile app, with many reporting inaccessible wallets and incorrect balance displays showing zero.
Coinbase also acknowledged difficulties on their platform, informing customers of investigations into zero balance displays and transaction errors. They reassured clients that their assets were secure despite these issues.
While Binance seemingly resolved their problems swiftly, Coinbase’s issues persisted, with investors anxiously waiting for updates and resolutions.
Bitcoin’s Market Impact and Price Fluctuations
The cryptocurrency started the day below the $60,000 mark but soon spiked to $64,000, a price point last witnessed in November 2021. The spike was short-lived, however, and prices plummeted below $60,000 within a brief period. Following the tumultuous fluctuations, Bitcoin’s price managed a modest recovery to $61,180. The market cap for Bitcoin saw an 8% increase, surpassing the $1.2 trillion mark, while its 24-hour trading volume escalated by 28%, hitting $68 billion.