The crypto exchange quickly repaired the outage on Feb. 28 with no further disruption to users.
Investment research firm Citron, founded by prominent Wall Street short-seller Andrew Left, has called for the short sale of Coinbase (COIN) stock following the exchange’s temporary outage on Feb. 28.
“The recent $COIN site malfunction makes the long Bitcoin/Short Coinbase trade one of the most compelling trades in the crypto market,” Citron wrote on Feb. 29, adding: “This means going LONG bitcoin through an ETF and short the bloated Coinbase exchange.”
Institutional investors frequently long one asset and short another as a hedging move, betting that the long asset will increase in value and the underlying short asset will lose value in a divergence trade. On Feb. 28, Coinbase, along with other crypto exchanges, suffered a temporary outage as a result of a Bitcoin (BTC) flash crash that saw a 10% decrease in the price of the digital asset before paring losses.
