Binance, Kraken, and Bittrex Experienced Technical Issues Amid Bitcoin Rollercoaster

After another day that reminded of the volatility in the cryptocurrency market, Binance has experienced technical difficulties that resulted in temporarily halting withdrawals. Nevertheless, the leading exchange reassured its customers that all funds are safe and later announced it had resolved the problem.

  • CryptoPotato reported earlier that BTC, as well as most alternative coins, skyrocketed in a matter of minutes after Tesla’s CEO Elon Musk updated his Twitter profile to include only “Bitcoin.”
  • The primary cryptocurrency surged by 20% (or $6,000 in USD perspective) to above $38,200 for the first time since January 29th, while the total market cap increased to $1.05 trillion.
  • These developments led to outages on some of the world’s most utilized cryptocurrency exchanges. 
  • Binance halted withdrawals to “address a large increase in requests from new unique users.” It seems that Musk has started a snowball effect for retail investors as Binance CEO Changpeng Zhao asserted record registrations, deposits, and trades on the platform.
  • The issues appeared to be resolved quickly, as the company opened withdrawals shortly after. Additionally, CZ reassured that all funds are SAFU. 
  • The veteran US-based exchange Kraken also displayed some connectivity issues. The company’s official status page says that the tech support team has identified and is working on resolving the problem.
  • Previously, the Dogecoin craze brought technical troubles for Bittrex as well. The trading platform said that the DOGE wallet on the website and the mobile app was under maintenance. The company is yet to publish an update informing that the issue has been resolved.


Source: Crypto Potato