Binance, one of the most traded exchanges in the crypto money market, collapsed right after Bitcoin (BTC) rose to $ 12,000, and many users could not make purchases and sales during this time. Some users were able to log into the system, but the processes were either too slow or impossible.
Binance users, who expressed their reactions especially on Twitter, stated that they were faced with the “502 Bad Gateway” error when they wanted to access the site.
The inaccessibility of a globally used stock market in such price movements has become quite annoying, especially for users making instant trades. Due to these crashes, many investors prefer to keep their investments in their own wallets.
Bitcoin (BTC) is trading at $ 12,111 as of writing.
What is Binance?
The history of crypto currencies goes back about 11 years. The crypto money market, which started with the creation of Bitcoin, later diversified with the introduction of the term “Bitcoin Alternative” and the emergence of altcoins.
Today, there are over 6000 altcoins and there are many crypto money exchanges that enable us to invest in these altcoins. Binance is among these crypto money exchanges. It was founded in 2017 through China-based Changpeng Zhao and later became the world’s most used cryptocurrency exchange with its increasing trade volume.
Despite having this title, the sudden collapse of the leading crypto currency as a result of the sudden movements brings to mind the question of whether Binance has made enough technological investment. Especially for users who make instant trade, unfortunately, the crypto currency exchange does not meet the losses as a result of such collapses that cause many losses. The crypto currency exchange, which is content with making a statement that is caused by a systemic error, ignores the damages of users.
Why Are Crypto Money Markets Crashing?
Previously, some cryptocurrency exchanges such as Coinbase and Bitmex, along with Binance, had occasionally collapsed as a result of the sudden movements of Bitcoin. According to some experts, some of the cryptocurrency exchanges have an order to stop access as a result of bitcoin’s sudden movements in their algorithm. This question posed to Coinbase was left unanswered by Coinbase executives.