Coinbase shares climb after-hours as exchange fixes site jitters

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Coinbase shares have climbed by nearly 4% in after-hours trading despite another day of platform latency and display hiccups caused by a surge of traffic on the website. 

On March 4, Coinbase (COIN) reached its highest price over two years, gaining 11% on the day to $229. Its shares continued to rise in after-hours trading by another 3.8%, reaching as high as $238, according to Google Finance.

Coinbase closed March 4 at $229.15 but climbed to $237.88 in the four hours after the market close. Source: Google Finance

The surge came despite Coinbase suffering another round of issues that caused the platform not to load or incorrectly show a zero balance for some users.

Coinbase however posted to X around half an hour before trading closed in New York that it issued a fix that also fixed latency across the website.

“We are aware some users may experience increased latency across Coinbase.com and a few users may see intermittent zero balance,” the exchange had posted about halfway into the United States trading day. “Rest assured, your funds are safe.”

The same issue plagued the exchange last week on Feb. 28 and on March 1, it quickly rectified an issue where user sends, withdrawals, and deposits were failing.

Coinbase’s Feb. 28 outage saw Wall Street short-seller Andrew Left’s investment research firm Citron put out a call to short-sell Coinbase, claiming it was “one of the most compelling trades in the crypto market.”

Related: Insanely bullish facts and figures about where we are in the bull market

Bitcoin (BTC) has gained over 7.8% in the last 24 hours and has been creeping toward its 2021 all-time high of nearly $69,000.

The United States’ spot Bitcoin exchange-traded funds (ETFs) also saw their second-largest volume day at around $5.5 billion, and Farside Investors data shows Fidelity’s ETF had a record net inflow day at $404.6 million, surpassing outflows from Grayscale’s fund.

The Bitcoin-buying software firm MicroStrategy closed the day 23.5% up at above $1,330 — a price it hasn’t hit since 2000 during the dot-com bubble.

Highly speculative memecoins have also made a comeback, with Dogecoin (DOGE) and Shiba Inu (SHIB) seeing triple-digit percentage point gains in the past seven days.

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