Coinbase Shares Surge As The Exchange Rectifies Latency Issues

The shares of the US top crypto exchange, Coinbase Global, have continued their upward move with close to a 4% increase in after-hours trading. The positive trend for the stock prices came amid the latency issues on the exchange's platform.

However, Coinbase has initiated steps to tackle the challenges that created the traffic surge on its network.

Coinbase Shares Reach A New Peak Since Two Years

According to data from Google Finance on March 4, Coinbase's share (COIN) climbed about 11%, taking its price to $229. The surge took the shares to a new peak over the past two years. Also, the shares maintained the increase by an additional 3.8% during the after-hours trading.

As a result, COIN reached a daily high of $238, though it closed at $229.15.

Notably, before these impressive gains, the shares plummeted to $46.43 last year. However, its upward move reflects a rebound of almost 265% since last year. The spike in COIN's price came as Coinbase exchange recorded latency issues on the platform.

There have been challenges with loading, which created errors on users' accounts displaying zero balances. The traffic issue on Monday made it the second time Coinbase has recorded such a challenge. The exchange faced the same issue on February 28.

But on March 1, it quickly fixed the problem that impacted customer transfers, deposits, and withdrawals. Regarding the current issue, the exchange has also acknowledged its move to fix the latency issue.

Coinbase took to the X platform to assure users, stating:

We are aware some users may experience increased latency across Coinbase.com, and a few users may see intermittent zero balance.

We have issued a fix which remediated the display issue impacting customer account balances and latency across https://t.co/ohqDivlp6Y. We appreciate your patience. https://t.co/7gsVeIvYMl

- Coinbase Support (@CoinbaseSupport) March 4, 2024

After acknowledging the problem, Coinbase reassured its users of the safety of their funds on its platform.

Overall Surges In Crypto And Stock Prices

Even with the latency issue, investors are picking interest in Coinbase following the broader crypto rally. The new wave of bullish trends resulted from the impressive surges within the crypto market and some shares.

According to data from CoinMarketCap, Bitcoin has hit a daily high of $68,785.

It could just be a matter of time before the primary crypto asset gets to its 2021 all-time high of almost $69,000. As of 05:57 AM EST on March 5, Bitcoin trades at $66,871, showing a surge of 2.66% over the past 24 hours. Similarly, the US spot Bitcoin ETFs have shown a massive increase.

They recorded their second-largest volume day, reaching $5.5 billion. Data from Farside Investors revealed that Fidelity's ETF saw a total inflow of $404.6 million. The value surpasses outflows from Grayscale's funds.

Likewise, the shares of the corporate firm with the largest Bitcoin holding, MicroStrategy, rose on Monday.

The shares gained more than 23%, closing at $1,334. The surge took the shares to their highest intraday price in over two decades.

Additionally, the top meme coins, Dogecoin and Shiba Inu, show surprising gains in their prices. DOGE has crossed into the $0.18 region, while SHIB trades over $0.00004. Moreover, Shiba Inu has recorded more than 288% increase within the past seven days.

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