Coindesk Logo
FinanceFinanceFinance
Election 2024
Election 2024
Election 2024

Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy

Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy

Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy

Binance, Gemini and Kraken are all having technical difficulties under heavy trading load.

Binance, Gemini and Kraken are all having technical difficulties under heavy trading load.

Binance, Gemini and Kraken are all having technical difficulties under heavy trading load.

By Tanzeel Akhtar
AccessTimeIconFeb 8, 2021, 3:46 PM
Updated May 15, 2023, 1:38 PM
Presented By Icon

Election 2024 coverage presented by

Stand with crypto

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.

  • 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
CoinbaseExchangesKrakenGeminiTeslaBinanceOutagesCoinFlash