Stock Track | Canaan Plunges 7.89% as Bitcoin and Ethereum Prices Tumble

Stock Track

Oct 14

Canaan Inc. (NASDAQ: CAN), a leading provider of supercomputing solutions for digital currency mining, saw its stock plummet 7.89% in Tuesday's trading session. The sharp decline comes amid a broader selloff in cryptocurrency-related stocks, triggered by a significant drop in Bitcoin and Ethereum prices.

According to market data, Bitcoin fell to $113,000, while Ethereum dropped to $4,100 during overnight trading. This downturn in major cryptocurrencies has had a ripple effect across the crypto mining and blockchain technology sector. Canaan, which manufactures Bitcoin mining machines, was particularly hard hit by this market sentiment.

The crypto market's volatility has impacted other industry players as well. BMNR and BTCS experienced a 5% decline, while SBET fell by 4%. Other notable companies in the sector, such as MARA and BTBT, also saw their stocks drop by 3%. This widespread decline underscores the close correlation between cryptocurrency prices and the performance of related stocks, highlighting the risks associated with investments in this volatile market.

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(NASDAQ: CAN), a leading provider of supercomputing solutions for digital currency mining, saw its stock plummet 7.89% in Tuesday's trading session. The sharp decline comes amid a broader selloff in cryptocurrency-related stocks, triggered by a significant drop in Bitcoin and Ethereum prices.</p>\n\n<p>According to market data, Bitcoin fell to $113,000, while Ethereum dropped to $4,100 during overnight trading. This downturn in major cryptocurrencies has had a ripple effect across the crypto mining and blockchain technology sector. Canaan, which manufactures Bitcoin mining machines, was particularly hard hit by this market sentiment.</p>\n\n<p>The crypto market's volatility has impacted other industry players as well. BMNR and BTCS experienced a 5% decline, while SBET fell by 4%. Other notable companies in the sector, such as MARA and BTBT, also saw their stocks drop by 3%. 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