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Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy
Binance, Gemini and Kraken are all having technical difficulties under heavy trading load.
Some of the biggest cryptocurrency exchanges were experiencing technical issues Monday after Tesla's (TSLA) announcement of a $1.5 billion bitcoin investment saw prices rally to new highs over $44,000.
STORY CONTINUES BELOW
- According to status pages and tweets for Binance, Gemini and Kraken the platforms have experienced difficulties on web and mobile following a surge in bandwidth demand from traders.
- Binance disabled withdrawals for a short period, but at press time the exchange said these are once more functional.
- The issues come amid a spike in market activity after Tesla said in a filing with the U.S. Securities and Exchange Commission that it has invested $1.5 billion in bitcoin and "may acquire and hold digital assets from time to time or long term."
- As the news quickly spread, bitcoin prices rose around 15% to a new all-time high of $44,801.87, per CoinDesk 20 data. At press time, the cryptocurrency was trading around $43,640.
CORRECTION (Feb. 8, 18:00 UTC): Corrects to remove Coinbase from list of affected exchanges. Coinbase reported no new issues today.
Read more: Tesla Invests $1.5B in Bitcoin, Plans to Accept Crypto Payments
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
