In after-hours trading, Coinbase shares witnessed a nearly 4% increase despite ongoing technical challenges plaguing the platform. These issues, including latency and display errors attributed to heightened website traffic, did not deter investors as Coinbase stock reached its highest value in over two years on March 4th.
During regular trading hours, the stock surged by 11% to $229 and continued its ascent in after-hours trading, peaking at $238, according to data from Google Finance. Despite the platform’s performance issues, Coinbase assured customers that their funds remained secure. The exchange acknowledged the technical difficulties, which led to some users experiencing delayed loading times and incorrect balance displays on Coinbase.com.
Approximately halfway through the U.S. trading day, a fix was implemented to address these issues and improve overall latency across the website. Coinbase had faced similar challenges on February 28th, prompting concerns from investors. Notably, Andrew Left’s investment research firm, Citron, advocated for short-selling Coinbase stock following the February outage, deeming it an appealing opportunity in the crypto market.
Bitcoin’s surge and the wider market reaction
In contrast to Coinbase’s struggles, Bitcoin demonstrated significant gains, rising by over 7.8% within a 24-hour period and approaching its 2021 all-time high of nearly $69,000. The United States saw heightened activity in spot Bitcoin exchange-traded funds (ETFs), reaching approximately $5.5 billion in trading volume. Fidelity’s ETF recorded a record net inflow of $404.6 million, surpassing outflows from the Grayscale Bitcoin Trust ETF.
Meanwhile, MicroStrategy, a company known for its significant Bitcoin purchases, experienced a notable increase in its stock price. Closing the day with a 23.5% gain at over $1,330, MicroStrategy’s stock reached a price level not seen since the dot-com bubble era in 2000. In the realm of speculative cryptocurrencies, so-called “memecoins” experienced a resurgence in interest.
Dogecoin and Shiba Inu, two popular memecoins, saw triple-digit percentage gains over the past seven days. This indicates renewed enthusiasm among investors for these volatile digital assets. Despite ongoing technical challenges and platform issues, Coinbase’s resilience in the face of adversity, coupled with positive developments in the broader cryptocurrency market, contributed to investor optimism. As Bitcoin and other cryptocurrencies continue to gain traction, investors remain vigilant, closely monitoring market dynamics and technological advancements within the industry.
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