Binance Struggling with Soaring Traffic, "Some Lags Observed" Because of Elon Musk

Mon, 02/08/2021 - 13:58

As the market and the community are going crazy due to Tesla adding BTC to its balance sheet, Binance has hit a snag, unable to handle the massive incoming traffic

Binance Struggling with Soaring Traffic, "Some Lags Observed" Because of Elon Musk

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The largest cryptocurrency exchange, Binance, is struggling with a massive wave of incoming traffic as Tesla announced purchasing a mammoth $1.5 billion worth of Bitcoin to add to its balance sheet.

The company's chief, CZ, took to Twitter to announce: "certain lags observed in some regions." Looks like Elon Musk and Tesla are to blame again.

This has already happened earlier this month, when Elon Musk announced that he is a Bitcoin supporter and that Bitcoin might be in for a massive adoption spread in the near future in the corporate world.

On that day, CZ tweeted that Binance was facing all-time highs in all directions: new accounts, new deposits, trades, etc.

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Bitcoin Hits New All-Time High of $44,800 as Tesla Embraces BTC

This is the second time Elon Musk has disrupted Binance operations this year.

Earlier this hour, Bitcoin responded to Tesla's purchase by soaring to a new all-time high of $44,800.

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About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.