Coinbase Shares Surge in After-Hours Trading as Exchange Resolves Site Outages
Coinbase continues to address glitches that sparked user frustration last week, while its stock price continues to rise. Despite a day’s delay on the platform and display issues due to increased website traffic, Coinbase shares rose nearly 4% in after-hours trading. On March 4, Coinbase shares reached their highest price in over two years, closing the day up 11% at $229. According to Google Finance, the stock further increased by 3.8% after trading hours, reaching $238. This surge occurred as Coinbase dealt with another round of issues causing the platform to fail to load or incorrectly display a zero balance for some users.
Coinbase posted about a fix approximately half an hour before the close of trading in New York, which also improved website delays. The exchange announced mid-day during U.S. trading hours, acknowledging that some users might experience further delays across Coinbase.com and a small number of users might see intermittent zero balances, assuring that their capital is safe.
The issue that troubled the exchange on February 28 was quickly resolved on March 1, addressing a problem where user sends, withdrawals, and deposits were failing. The Coinbase outage on February 28 prompted investment research firm Citron Research, a Wall Street short seller, to issue a sell call on Coinbase, claiming it to be one of the most convincing trades in the digital currency market. In the past 24 hours, Bitcoin has grown more than 7.8%, moving towards its highest price in 2021, near $69,000.
U.S.-based Bitcoin ETFs also experienced their second-highest volume day with about $5.5 billion, with Fidelity’s data showing a net inflow record of $404.6 million for the ETF, surpassing outflows from the Grayscale Bitcoin Trust ETF. MicroStrategy, a software company purchasing Bitcoin, closed the day up 23.5% at over $1330, a price not seen since the 2000 dot-com bubble.
Highly speculative meme coins have also made a comeback, with Dogecoin and Shiba Inu experiencing triple-digit percentage increases over the past week.
