Coinbase stock surges 4% in after-hours trading amid platform latency, reaching $238. Company addresses issues and assures users of fund safety.
Despite facing another day of technical glitches and delays due to increased website traffic, Coinbase shares managed to surge by nearly 4% in after-hours trading.
On March 4th, Coinbase stock achieved its highest value in more than two years, registering an impressive 11% gain to reach $229. Subsequently, in after-hours trading, the shares continued their ascent, climbing by an additional 3.8% and reaching a peak of $238, as reported by Google Finance.
This remarkable surge occurred in the midst of ongoing issues plaguing Coinbase, leading to platform outages and incorrect display of zero balances for some users.
Approximately half an hour before the close of trading in New York, Coinbase announced that it had implemented a fix to address the issues and improve overall latency on the website.
“We are aware some users may experience increased latency across Coinbase.com and a few users may see intermittent zero balance,” reassured the exchange in a post during the U.S. trading day. “Rest assured, your funds are safe.”
A similar incident occurred on February 28th, prompting Citron, the investment research firm led by Wall Street short-seller Andrew Left, to advocate for short-selling Coinbase. Citron claimed it was “one of the most compelling trades in the crypto market.”
Despite these challenges, Bitcoin (BTC) managed to surge over 7.8% in the last 24 hours, approaching its 2021 all-time high of nearly $69,000.
In the United States, spot Bitcoin exchange-traded funds (ETFs) experienced their second-largest volume day, reaching around $5.5 billion. Notably, Fidelity’s ETF saw a record net inflows day of $404.6 million, surpassing outflows from the Grayscale Bitcoin Trust ETF.
MicroStrategy, the Bitcoin-buying software firm, closed the day with a remarkable 23.5% gain, reaching a price above $1,330 — a level not seen since the dot-com bubble in 2000.
Furthermore, highly speculative memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), have witnessed triple-digit percentage gains over the past seven days.
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