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Binance Faces Technical Issues As Bitcoin Hits $45,000

Many crypto exchanges are recording overwhelming trading volumes, caused by the recent Tesla-induced surge that is bringing in more interested investors. The digital asset, which faced a downtime during its ATH in January, is finally recovering with the $1.5 billion investment that caused excitement in the space.

The tech firm also revealed that it would facilitate a system whereby it would accept Bitcoin as a payment means. People believe that the hefty purchase signals more institutional investors are coming, leading to more significant price growth. Among the many exchanges, Binance announced its internal glitches due to the growing traffic on its platform that caused numerous outages and account restrictions.

Other exchanges face technical issues

The purchase ignited a rally, which took the price to over $45,000, with many investors rushing to sell holdings before the price drops. Experts opine that the sell-off would lead to a price correction, wipe out a significant amount for Bitcoin. The increased demand led to the breakdown of many exchanges like Binance, Kraken, and Gemini, which have difficulty attending to their customer’s various needs with the issues on their web and mobile websites.

The outages led to Binance’s disallowing of withdrawals to reduce the technical issues. Investors want to sell their cryptos to secure profits before an inevitable price correction comes into play. However, Binance explained that it affected the withdrawal option to allow customers to get their money.

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Many people confirmed the Tesla investment through the latter’s filing to the SEC, a US regulatory body that supervises the securities industry’s activities. The filing revealed that the firm bought Bitcoin, valuing up to $1.5 billion while adding that it could hold the investment for a long-term basis. Fortunately, the announcement took the price to around $45,000 before it stabilized around the $43,000 mark.

Binance assures those technical problems would be resolved

The unexpected price surge led to technical glitches for the trading platform because it shared through its Twitter page it was aware of the issues while assuring that the firm’s team was working on it to return it to its previous state. The firm’s CEO opined that Musk caused the new traffic various exchanges see, as many want to explore the new price growth to secure profits. Zhao said that the heavy traffic led to the technical difficulties that some regions see even as the asset’s price grows.

The exchange’s users have expressed their displeasure over the failure to have access to their holdings in a time where the price is incredibly growing. Another internet influencer, KSI, shared his difficulty in accessing his funds through his Twitter page. Elon Musk is well-known for stirring the cryptocurrency market, primarily because of its volatility.

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The investor once wrote Bitcoin in his Twitter bio, which led to increased traffic on significant exchanges. Dogecoin is another crypto that the billionaire had influenced its price growth, especially with his controversial tweets about Bitcoin and Dogecoin, which popularly stirs the digital asset sector.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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