Cryptocurrency trading suffered technical problems on Monday as trading volumes surged after billionaire Elon Musk’s Tesla company revealed that it had bought $1.5 billion worth of bitcoin and will soon allow it to be accepted as a payment method.
The move by electric car maker Tesla represents the latest step in the wave of bitcoin acceptance that has sent it up 10%, with expectations that other companies will soon join asset managers such as BlackRock and payments companies such as Square and PayPal in supporting and investing in cryptocurrencies.
Cryptocurrency exchange Kraken said it has restored the ability to register on its site after temporarily stopping registration earlier in the day due to heavy traffic and number of browsers leading to connection problems with the site.
Where a spokesman for the stock exchange stated that the recent rapid increase in trading exceeded the expectations of the increase in demand, rising five times from the highest value that trading ever reached, as about $56 billion worth of digital assets were traded on Kraken in January, recording a trading value higher than the value recorded during the entire year of 2019.
Kraken said it was working to increase capacity to accommodate future demand, while its peers Gemini and Binance said their systems were struggling.
On the other hand, Coinbase, which was founded in 2012 and is considered among the most important cryptocurrency exchanges around the world, said that no trading problems were reported on Monday.