Coin Stock Rises as “Technical Difficulties” Glitch Is Fixed

Coin Stock

In response to a temporary stoppage in payments and withdrawals involving U.S. bank accounts, cryptocurrency exchange Coinbase Global (NASDAQ:COIN) claimed in a recent systems status update that “technical difficulties” had been resolved.

Users were still able to make direct purchases on their accounts when the service was suspended by using a debit card or PayPal account. The exchange posted on Twitter at the weekend’s end that “We’ve entirely rectified this issue and ACH transfers are now processing.”

Coinbase (COIN) said at the beginning of September that it was looking into temporary delays in deposits and withdrawals, prompting the action.

COIN stock analyzed

In premarket trading, COIN shares jumped 1.1% as stock index futures indicated a stronger opening and as the price of bitcoin (BTC-USD) increased by 0.6% to $19.27K. Coinbase looked into the issue of delayed EOS withdrawals in the middle of July. On April 14, 2021, Coinbase made its debut, offering shares at $250. For an $87.3 billion valuation, Coinbase shares completed their first day of trading at 328.28, up 31.3%. The price of COIN is currently trading more than 80% below its 52-week high.

Today’s 3% Rise In Coinbase Stock Is Just The Beginning

COIN stock is well below the long-term 200-day benchmark. Almost 1% was lost by Coinbase stock on Monday. Another stock from Ark Invest that provides further exposure to cryptocurrencies is represented by the size of the position in Coinbase.

According to CoinGecko, the trade volume on Coinbase’s exchange over the previous day was close to $569 million. BTC and ETH made up the majority of that volume, followed by SOL at 4% or $23 million. Prior to the resumption of functionality, more information would be provided, according to a statement on the Coinbase official support website on Twitter assuring account users that their “funds remain safe.” Coinbase pointed Decrypt to the Coinbase Support tweet in response to a comment request.

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