On Wednesday, the same day Bitcoin reached the $20,000 price mark for the first time, both Binance and Coinbase experienced technical problems. Binance connected the number of individuals surfing the exchange to its difficulties.
On Wednesday, at 2:13 pm UTC, Changpeng Zhao, or CZ, Binance’s CEO, tweeted: “#Bitcoin just popped. Experienced some scaling issues. Should be fixed for now. Underestimated demand. Adding A LOT more ‘servers’ still.”
Around half an hour later, an update from CZ came, announcing changes, as well as a drastic rise in users on the site. “Still some latency issues here and there. Working on it, all hands on deck,” he tweeted, adding: “Bitcoin goes up 5%, traffic goes up 30x.” By 2:56 pm UTC, CZ noted the situation as resolved.
Bitcoin broke above $20,000 for the first time ever at 1:42 pm UTC on December 16, hitting a price near $20,800 by 2:14 pm, according to TradingView.com results.
Coinbase also reported problems at 2:45 pm UTC via its status page. The exchange reported, “Coinbase.com is experiencing connectivity issues.” The exchange said that at 4:27 pm the matter was resolved. During periods of heavy traffic, Coinbase has a history of technological problems, typically referencing “connectivity issues” as the cause. Brian Armstrong, CEO of Coinbase, recently said the exchange is working on solutions to manage high interaction with the website.