Tesla-Driven Bitcoin Buying Frenzy Takes Down Crypto Exchange Binance

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This morning, it was revealed that Tesla has purchased a sum of Bitcoin worth $1.5 billion. Immediately after the news began to circulate, the leading cryptocurrency by market cap exploded from under $40,000 to $45,000 at the high. As the new record was set, the resulting FOMO drove “massive incoming traffic” to crypto platform Binance, causing the typically reliable exchange to crash. What does this mean about what’s to come for Bitcoin? Bitcoin Blasts Off To A New All-Time High On Tesla Purchase News At the height of the last crypto hype bubble back in 2017, cryptocurrency exchanges couldn’t keep up with new user registrations. Investors scrambling to buy Bitcoin and altcoins proved to be too much for the young industry to handle at the time, and was in part responsible for the bubble bursting back then. But nearly four years has since past, and fundamentally, cryptocurrencies like Bitcoin have…

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