Cryptocurrency Exchange Binance Reports System Overload As Bitcoin Drops to $3,850 BTC/USD
The cryptocurrency exchange Binance has been facing system overloads on February 24. The reason behind these issues is related to the fact that Bitcoin (BTC) dropped under $4,000 after an increase above that level on February 23.
Binance, the largest digital currency exchange in the market in terms of trading volume has experienced some issues with the services offered. Due to increased trading volumes during the weekend, the exchange seemed to be having troubles to handle the increased traffic on its platform.
Indeed, the cryptocurrency trading volume moved from $6.5 billion up to $11 billion in just a few days. Changpeng Zhao, the CEO of the Binance platform, said that that they have experienced an all-time high for trading system load a few hours ago. Some users were experiencing UI delays during the system auto-scaling.
We seen ATH for trading system load about an hour ago, some users experienced ui delays during system auto scaling. Still improving.
— CZ Binance (@cz_binance) February 24, 2019
There are several analysts that predict that the cryptocurrency market will be moving sideways during the upcoming weeks.
The cryptocurrency trader and expert DonAlt, explained that a higher low in combination with a higher high does not mean the bear market is over. He went on saying that he expects that the market will be trading sideways until $6,000 is breached.
I see the notion thrown around quite regularly that if BTC can go to $4400+ that'd be the start of a bull market.
A higher low in combination with a higher high does not mean the bear market is over.
I'll trade expecting sideways till 6k is breached.
Sell resistance buy support. pic.twitter.com/snnnjmu1wK
— DonAlt (@CryptoDonAlt) February 23, 2019
After his comment, the market dropped again. Bitcoin fell under $4,000 and several digital currencies lost more than 10% of value in the last 24 hours.
Binance is the largest cryptocurrency exchange in terms of trading volume. According to CoinMarketCap, Binance handled $1.51 billion in trading volume in the last 24 hours. At the time of writing this article, Bitcoin is being traded almost 8% down, it can be purchased for $3,827 and it has a market capitalization of $67.19 billion.