Major cryptocurrency exchange Binance suspended some of its services due to service disruptions before restoring them. The service outage occurred a few moments after its CEO Changpeng Zhao (CZ) went on Twitter to announce how they dealt with surging site visits.
CZ Bites More Than He Can Chew
CZ had gone on Twitter to praise his team’s handling of the increase in web visits. The Binance boss revealed that site visits had jumped by 60% in a now-deleted tweet along with rising sign-ups—nudging traders to visit Binance.
A few minutes after his announcement, he was left to eat his words as Binance had to suspend spot and margin trading services.
Deposits, withdrawals, P2P trading, OTC Portal trading, and others were also suspended. The suspended services have since come back online one hour after the notice was published.
A service downtime occurs when users bombard a website with many requests above the platform’s workload. This unexpected rush can crash the site or disable most of its functionalities. Service outages are quite familiar with online companies servicing a large customer base.
Kraken and Coinbase have all recorded service disruptions as bitcoin’s price gathered momentum. It’s a recurring problem. With the bullish run in the market, a service outage could significantly affect trading volumes.
CZ came back online shortly to apologize for his earlier tweet after Binance published the service downtime, explaining that it came from a disk issue with one of the system’s clusters.
BNB Continues To Attract Interest
Cryptocurrencies have grown exponentially in the last year. Even though Bitcoin and Ethereum have stolen the limelight, other digital currencies have also seen massive growth in the market cap.
Binance coin (BNB)- the native token for the Binance trading platform, has seen its price rise as much as $148 per coin- witnessing a 256% increase from a month ago. The coin’s trading volume has surged up to $7.52 billion from $1 billion on Feb. 1, making it one of the largest cryptocurrency by market cap. BNB is trading at $128.54 with a market cap of $19.7 billion at press time.
BNB’s role as a settlement token has boosted its value in the past few months. With the integration of Decentralized Finance (DeFi) components, more users see more use cases for the BNB. Popular tokens for DeFi projects Uniswap and SushiSwap command an army of loyal followers. With Binance’s listing of their tokens, BNB’s volumes would continue to increase as the token forms the bedrock of trading processes on Binance.