Major exchanges struggle as Bitcoin pumps on $1.5B Tesla investment

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Service outages have been reported at main cryptocurrency exchanges on Feb. 8, following the information that Tesla invested $1.5 billion in Bitcoin (BTC).

As Cointelegraph reported earlier, information of Tesla’s sizeable funding broke after the invention of a submitting with the U.S. Securities and Trade Fee. This triggered Bitcoin value to leap $3,000 in a matter of minutes, finally claiming a newall-time excessive of $44,850.

Issues had been reported at various exchanges, together with Binance, whose CEO CZ tweeted {that a} site visitors inflow was inflicting non permanent delays whereas auto-scaling caught up, and that Tesla CEO Elon Musk was in charge.

Many Kraken customers took to Twitter to complain that the positioning was additionally down, though there was no official affirmation of this from the alternate itself.

The reported outages are simply the newest in a seemingly never-ending cycle of issues to happen at main exchanges when traffic volume spikes, inflicting some in the crypto community to cry “foul play”.

Regardless of assurances from the exchanges that previous points have been addressed, platforms proceed to crash regularly throughout high-traffic intervals equivalent to value pumps; the time when most buyers need their service to be at its most steady.

Other than information of Tesla’s $1.5 billion Bitcoin funding, the report filed with the SEC additionally advised that Tesla would start to accept Bitcoin as payment for its vehicles. As the corporate can now maintain reserves in Bitcoin, it might not want to instantly liquidate tokens acquired on this method.