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Shares of Coinbase Global<\/a>, the biggest U.S. cryptocurrency exchange, have nearly doubled over the last month\u2014and were up some 265% over the last year\u2014through trading on Monday, which saw the biggest single-day gain since January 2022.<\/p>\n The stock<\/a> closed at $229.15 after reaching as high as $236.46. Shares within the last year had fallen to as low as $46.43.<\/p>\n Investors are eyeing Coinbase<\/a> thanks to the wider crypto rally, which has seen Bitcoin climb 54% this year to surpass $67,000 on Monday, edging closer to its all-time high of $68,991<\/a> in November 2021. The original cryptocurrency gained more than 7% on Monday and surpassed $1.3 trillion in market cap for the second time in history.<\/p>\n But for the second time in a week on Monday, many Coinbase users saw zero-dollar balances when logging into the platform.<\/p>\n In supporting approval we would frequently point out that ETFs are SBF-proof but they\u2019re also whatever this is-proof. https:\/\/t.co\/KOFsP0yXqw<\/a><\/p>\n \u2014 Eric Balchunas (@EricBalchunas) March 4, 2024<\/a><\/p><\/blockquote>\n <\/p>\n \u201cWe are aware some users may experience increased latency across Coinbase.com, and a few users may see intermittent zero balance. Rest assured, your funds are safe,\u201d Coinbase said in a post on X<\/a> on Monday afternoon.<\/p>\n Based on past experience, it’s never a bull market until Coinbase has multiple outages in a week.<\/p>\n So in my books\u2026 <\/p>\n Bull market is finally confirmed.<\/p>\n (Honestly though\u2026 you’d think they would’ve improved their infrastructure by now?)<\/p>\n \u2014 Tony Cai \u269b\ufe0f #SoundFinance (@TonyCai_) March 4, 2024<\/a><\/p><\/blockquote>\n <\/p>\n Meanwhile, shares in MicroStrategy Inc.<\/a>, an enterprise software firm and the largest corporate Bitcoin holder, with about 190,000 coins, also soared on Monday. Shares<\/a> gained over 23% to close at $1,334 while also seeing their highest intraday level in more than two decades. Over the last year, they\u2019re up more than 460%.<\/p>\n Bitcoin has been rallying since the Securities and Exchange Commission approved mainstream financial institutions, such as BlackRock and Fidelity<\/a>, to issue spot Bitcoin ETFs, driving mainstream investors toward crypto. The exchange-traded products have made it easier for retail investors and IRA holders to gain exposure to Bitcoin without needing to buy it from an exchange or navigate on-chain wallets. And already, the $7.7 billion in year-to-date Bitcoin inflows have exceeded all inflows from 2021, according to Bank of America<\/a> Global Research\u2019s Flow Show team, led by investment strategist Michael Hartnett.<\/p>\n BlackRock Inc.\u2019s iShares Bitcoin Trust and Fidelity Investments\u2019 Wise Origin Bitcoin Fund have captured 79% of total inflows into the so-called Newborn Nine<\/a>\u2014a popular moniker for the group of new ETFs, excluding Grayscale\u2019s GBTC, which has seen billions in outflows. On Friday, IBIT jumped above $10 billion in assets under management<\/a> after receiving a record $612 million of inflows in a single day.<\/p>\n<\/div>\n\n\n
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