- Major cryptocurrency exchange Binance suspended some of its services before restoring due to service outages. The service outage occurred minutes after its CEO, Changpeng Zhao (CZ), wrote to Twitter to announce how they were dealing with increased site visits.
Major cryptocurrency exchange Binance suspended some of its services before restoring due to service outages. The service outage occurred minutes after its CEO, Changpeng Zhao (CZ), wrote to Twitter to announce how they were dealing with increased site visits.
CZ tweeted and then…
CZ praised the way his team handled the increase in web visits on Twitter. In a tweet that has now been deleted, the Binance boss announced that site visits increased by 60%, and the increased registrations pushed traders to visit Binance.
A few minutes after its announcement, Binance had to suspend its spot and margin trading services.
Deposits, withdrawals, P2P trading, OTC Portal trading, and others are also suspended. The suspended services went back online an hour after the notification was posted.
A service outage occurs when users bomb a website with many requests above the workload of the platform. This unexpected move can crash the site or disable many of its functions. Service outages are quite common to online companies that serve a large customer base.
Kraken and Coinbase recorded service outages as bitcoin’s price gained momentum. It is a recurring problem. The upward trend in the market and the disruption of service can significantly affect trade volumes.
CZ went back online shortly after Binance released the service downtime to apologize for his previous tweet, explaining that this was due to a disk issue with one of the system’s clusters.
Binance Coin (BNB) continues to be the center of attention
Cryptocurrencies have grown exponentially over the past year. While Bitcoin and Ethereum were in the limelight, other cryptocurrencies also saw massive growth in market value.
Binance coin (BNB), the local token for the Binance trading platform, has risen in price to $ 148 per coin, up 256% from a month ago. The trading volume of cryptocurrency increased from $ 1 billion to $ 7.52 billion on February 1, making it one of the largest cryptocurrencies in terms of market capitalization.
BNB’s role as a consensus token has increased in value over the past few months. With the integration of Decentralized Finance (DeFi) components, more users see more use cases for BNB. Popular tokens Uniswap and SushiSwap for DeFi projects command an army of loyal followers. With Binance listing its tokens, BNB’s volumes will likely continue to increase as the token forms the basis of trading processes on Binance.