The world’s largest crypto exchange, Binance added 240 000 new users to its platform within an hour. This follows Binance and several other crypto exchanges putting a halt to new signups that has caused congestion to its systems.
Binance CEO Zhao Changpeng was quoted saying that the number of new signups have been overwhelming and therefore the exchange had to put a limit to the number of new customers signing up. He said the growth has been unexpected.
This follows a large influx of new investors into the crypto world since Bitcoin reached the $10 000 mark. Various exchanges were flooded with new signups and could simply not accommodate the thousands of new investors. Consequently, the majority of these exchanges halted new signups, causing a lot of confusion and frustration amongst new investors who are eager to get on board the crypto train.
This short window for new signups on Binance saw trades of up to $6 billion take place. Leading the pack was Tron Coin, as it accounted 11% of the trading volume. Binance statistics showed that the majority of new investors were male between the ages of 25 – 35 years of age.
Statistics have shown that other reputable exchange sites such as Coinbase receive more than 100 000 new signups every day, while Kraken has 50 000 new signups every day.
During the interview, Changpeng also addressed Warren Buffet’s comment stating that Cryptos will come to a bad ending. Changpeng said that even though he respects Buffet as an investor, it may seem as if he does not quite understand how cryptos work and said Buffet is making “a big mistake.”
In other Bitcoin news, the U.S. Marshals Service is having a Bitcoin auction on 22 January. More than 3 800 confiscated Bitcoin will go on auction. This is the second time that the U.S. Marshals Service will be having this kind of auction. The first time was in 2016 when they sold more than 2 700 Bitcoin that amounted to $1.6 million.
At the time of publishing this post – The price of Bitcoin is currently at $14 449.90.