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Top Crypto Exchanges Experience Difficulties as Tesla News Prompts Trading Frenzy

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

Feb 8, 2021 at 3:46 p.m. UTC
Updated Sep 14, 2021 at 12:08 p.m. UTC

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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