Since the early hours of the day, Bitcoin has continued its ascent, reaching a periodic peak of $64,000 in the past few hours and coming very close to its all-time high, causing significant difficulties on exchanges. A series of issues thought to be due to high traffic occurred on the Binance exchange first.
Troubles at Binance and Coinbase Exchanges
During the time frame when the Bitcoin price rose to $64,000 and then dropped to $59,000 within minutes, major problems were observed at the world’s leading exchanges by volume, Binance and Coinbase.
On the Binance side, users utilizing the mobile app were unable to access their wallets in real-time, and their balances appeared to be zero in the summary section. No statement has been made by Binance regarding the issue.
On the other hand, Coinbase also reported some issues and stated that they were under investigation. The statement made by the giant exchange was as follows:
Investigating – We are aware that some users may see a zero balance in their Coinbase accounts and may encounter errors in buying or selling transactions. Our team is investigating this issue and will provide an update shortly. Your assets are safe.
As of the time of writing, the issue on the Binance side seems to have been resolved, while things do not appear to be progressing in the same manner for Coinbase. Investors are closely monitoring what changes will occur in the situation in the coming minutes.
What is Bitcoin’s Current Price?
Bitcoin started the day below $60,000 in the early hours and reached a level of $64,000. This price level was last seen in November 2021. Subsequently, the price quickly fell back below $60,000 within minutes.
As of the time of writing, the price has recovered to $61,180. During this period, there was a noticeable increase in Bitcoin’s trading volume and market cap. Bitcoin’s market cap increased by 8%, surpassing $1.2 trillion, while the 24-hour trading volume rose by 28% to $68 billion.
