Binance, Coinbase Crashed After Bitcoin Broke $20,000

2020-12-17 19:34

Servers for the two of the largest crypto exchanges in the industry, Binance and Coinbase, suffered brief downtime due to heavy traffic after Bitcoin broke above $20,000. 

Bitcoin Breaks Records, Binance, and Coinbase 

It is not the first time that Coinbase has had servers crash during Bitcoin bull markets. Even this year, the exchange faltered during large price swings. Today, it would appear that Coinbase has yet to remedy the situation.

Coinbase is down.

— Pomp 🌪 (@APompliano) December 16, 2020

Binance also went down briefly this morning around 9 am EST. The world’s largest crypto exchange failed to load for what felt like an eternity to traders. 

Error message on Binance. Source: Twitter

At press time, Bitcoin’s price is up $1,200 from today’s opening, posting a 6.2% gain. The price has finally broken the $20,000 psychological barrier. 

With rising hype, the volume of traders is expected to remain high for the next couple of days. The top exchanges must amp up their capacity to avoid another crash. 

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