RATE Group | Binance struggles to support Bitcoin price boom
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Binance struggles to support Bitcoin price boom

18 Feb Binance struggles to support Bitcoin price boom

Posted at 01:26h in Bitcoin News by

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In brief

  • Binance ran into performance issues over the weekend
  • This happened after daily transactions volumes more than doubled over the past few weeks
  • Around the same time, Binance announced Binance Cloud. Will the performance problems dissuade potential customers?

Preparing for Bitcoin’s next bull run? Choose your exchange carefully: this week, the crypto exchange giant Binance failed to handle the influx of users piling on Bitcoin’s rising price, suffering from “a number of performance issues,” according to CEO Changpeng Zhao in a Performance Incident Report today. 

Over the past couple of weeks, Bitcoin’s price has hovered at around $10,000, its highest price since September. The result? An influx of activity: Over the weekend, when the performance issues occurred, daily trading volume hit a peak of $50 billion, according to data metrics site CoinMarketCap. In comparison, on January 26, Bitcoin’s daily trading volume was less than half that, at $21 billion. 

And…

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