Crypto Exchanges Overloaded as Tesla Pushes Bitcoin to All-Time High

As traders scramble for crypto in the wake of Tesla’s $1.5 billion Bitcoin purchase, top exchanges are all struggling to meet the increased demand.

Coinbase, Binance, Kraken, and Gemini have all experienced connectivity issues this morning, according to the companies’ respective support pages.

The timing makes sense—earlier this morning, the revelation that Tesla purchased $1.5 billion in Bitcoin sent the price up to a new all-time high of $44,112. It’s currently trading at around $43,500.

“ATH comes with ATH loads,” wrote Binance CEO Changpeng Zhao last month, as the price of Bitcoin shot up post-New Year’s.

#Bitcoin ATH comes with ATH loads. System is experiencing a small websocket issue, team is working on it.

— CZ Binance (@cz_binance) January 7, 2021

The company was forced to briefly suspend withdrawals, but everything appears to be back online, for now.

Of those four major exchanges, only Binance and Kraken appear to have resolved their load issues.

Source