Coinbase stock surges in after-hours trading following platform stabilization

Crypto News– Despite experiencing another day of platform latency and display issues due to increased website traffic, Coinbase shares have surged by nearly 4% in after-hours trading. On March 4th, the stock reached its highest price in over two years, jumping by 11% to $229 during regular trading hours. After hours, the shares continued their ascent, climbing by an additional 3.8% to reach as high as $238, as reported by Google Finance. Coinbase announced a fix shortly before trading closed in New York, which not only addressed the latency issues but also improved performance across the website.

Coinbase stock surges in after-hours trading following platform stabilization

Despite the intermittent technical challenges, Coinbase assured users that their funds remained safe. Similar issues were encountered on February 28th, with Coinbase promptly resolving issues related to user transactions on March 1st.

Coinbase’s February 28th outage prompted Andrew Left’s investment research firm, Citron, to advocate for short-selling Coinbase, labeling it as one of the most compelling trades in the crypto market. Meanwhile, Bitcoin’s price surged by over 7.8% in the past 24 hours, inching closer to its 2021 all-time high of nearly $69,000.

US-based spot Bitcoin exchange-traded funds (ETFs) also witnessed significant trading volumes, with Fidelity’s ETF experiencing record net inflows of $404.6 million, surpassing outflows from the Grayscale Bitcoin Trust ETF.

MicroStrategy, a firm specializing in Bitcoin purchases, saw its stock soar by 23.5% to above $1,330, a level not seen since the dot-com bubble in 2000.

In addition to Bitcoin’s rally, highly speculative memecoins such as Dogecoin and Shiba Inu saw triple-digit percentage gains over the past seven days, indicating renewed interest in these assets.