Three major exchanges Binance, Bittrex and Kraken experienced technical issues amid the recent Bitcoin price increase due to high fluctuations on the market as we can see more in our latest BTC news.
After another day of volatility on the market, the three major exchanges Binance, Bittrex, and Kraken experienced technical difficulties which resulted in temporarily halting withdrawals. The leading exchange reassured its customers that all of the funds are safe and announced later that it resolved the issue. BTC as well as most of the other alternative coins, skyrocketed in a few minutes after Tesla’s CEO Elon Musk updates his Twitter bio to only “Bitcoin.”
The main cryptocurrency surged by 20% to above $38,200 for the first time since January 29th while the total market cap increased to $1.05 trillion. The developments led to outages on some of the most utilized crypto exchanges out there. Binance stopped withdrawals to address a “large increase in requests from new unique users” and it now seems that Musk started a new snowball effect for retail investors. Binance CEO Changpeng Zhao asserted deposits, trades, and record registrations on the platform.
The issues seemed to be resolving fast as the company opened withdrawals right after. CZ reassured that all of the funds are safe. The veteran US-based exchange Kraken displayed plenty of connectivity issues with the company’s official status page saying that the tech support team identified and is now working to resolve the problem. Previously, the Dogecoin craze brought a few technical issues for Bittrex as well as the platform said that DOGE’s wallet on the website and mobile app was under maintenance. The company will publish an update soon informing you that the issue has been resolved.
Speaking of Bitcoin’s price rise, The world’s richest man Elon Musk updates his Twitter bio writing only Bitcoin and as a result, the price of the benchmark cryptocurrency surged. The CEO of Tesla tweeted minutes latest that “in retrospect it was inevitable.” What’s interesting is how this impacted the price of BTC. In less than a few minutes, BTC jumped from a low of around $32,070 to a new high of $37,060, adding $5000 to its value. However, the price corrected since. It’s worth noting that this led to a massive liquidation phase on the BTC market as per the data by ByBt showing that over $380 million was liquidated in one hour.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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