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Coinbase shares rose after hours, after the platform addressed concerns on the site. Last week, it had focused on correcting some mistakes that infuriated users, despite the increase in the exchange’s share prices.
In after-hours trading, Coinbase shares increased approximately 4%, despite the hiccups experienced due to a one-day delay on the platform and increased traffic on the website. On March 4, Coinbase shares reached the highest price for over two years, rising 11% in a day to $229. According to Google Finance, the shares increased a further 3.8% in after-hours trading, reaching $238.
This increase happened, despite Coinbase experiencing problems such as the platform not loading for some users or incorrectly showing a zero balance. About half an hour before the close of trades in New York, Coinbase announced that it had published an update that also corrected the delay on the website. The exchange stated that it was aware that some users on Coinbase.com were experiencing an increased delay and that a few users intermittently might see a zero balance. It reassured its users that their money was safe.
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The same problem occurred on the exchange on February 28 and was quickly resolved on March 1 when users’ sending, withdrawal, and deposit operations failed. Coinbase’s outage on February 28 caused Andrew Left, who short sells on Wall Street, and Citron, his investment research company, to call for short selling, claiming that Coinbase was one of the most intriguing transactions in the crypto market.
In the last 24 hours, Bitcoin has gained over 7.8% and is gradually approaching its all-time high in 2021 of about $69,000. United States-based spot Bitcoin exchange-traded funds (ETFs) also saw their second-largest volume of approximately $5.5 billion. Farside Investors data shows that Fidelity’s ETF had a record net entry day of $404.6 million, leaving Grayscale Bitcoin Trust’s outflows behind. ETF.
Software company MicroStrategy, which bought Bitcoin, ended the day with a 23.5% increase, closing above $1,330, a price it could not reach during the dot-com bubble in 2000. Highly speculative ‘meme coins’ also made a comeback with Dogecoin, and Shiba Inu saw triple-digit percentage increases in the last seven days.
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