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The world’s largest crypto exchange in terms of trading volumes suffered a minor set back. The behemoth exchange was temporarily unavailable to many users because of some technical problems.
The use of technology in the crypto exchanges has been irrefutably very strong and every sector faces technical outages hampering the performances at crucial times. Even in the cryptocurrency sector, this is not the first time that a leading cryptocurrency is facing performance issues. Earlier Binance had suffered from similar repercussions especially when Bitcoin volumes took a sharp increase upwards. In September, Binance’s systems suffered a gateway issue due to which the exchange suffered a mini-crash.
Is Bitcoin the reason for the outage?
Exploring the reason for the Bitcoin price surge, in the last 24 hours, the price of Bitcoin has risen to approximately 3% reaching levels close to 12k. The positive sentiments surrounding the Bitcoin price surge seem to have come from the much-awaited speech by the U.S. Fed Chairman Jerome Powell at an IMF seminar on Monday. Although he did not specifically point out Bitcoin he has clearly acknowledged that the Central Ban is exploring options of digital currencies. The team is exploring the pros and cons of digital currencies and has further stated that the US also is looking forward to staying abridged of all the development surrounding CBDC.
Source Coin Gecko
Bitcoin price today is $11,807.87 with a 24-hour trading volume of $19,353,401,982. BTC price is up 3.0% in the last 24 hours. The head Honcho of Binance Exchange CEO Changpeng Zhao took to Twitter to inform them about the outage. He stated that the outage was due to an unidentified gateway error and not the entire set of operational regions but a few regions were affected by it. He also mentioned that steps have been taken to ensure that the funds of the users are safe and hence the users need not worry about it.
Binance has actively responded to queries of the users as it can expect some fear, especially after the KuCoin mishap. It has given a common response to all the users:
“We are aware of some temporary difficulties accessing Binance.com. Rest assured, our team is working on it. In the meantime, please use the desktop app.”
Service resume within 30-minutes
But the setback was only for a short time because the issues lasted for 30 minutes before the services were fully restored back to normalcy. The connection of Bitcoin along with it is because of a past incident when the Bitcoin surge resulted in the Binance crash. Many users of Twitter saw that when the price rise of Bitcoin happened, it coincided with the Binance service disruption. So, the users were trying to establish consistency in the manner how Bitcoin price movements could actually be a problem for Binance.
Although Bitfinex is the most active exchange trading it, yet the Bitcoin price surge has had a tendency to bring a minor stoppage of services in Binance.