Canaan Inc., a leading provider of high-performance computing solutions, saw its stock price plummet 11.28% on Wednesday, following the broader downtrend in the cryptocurrency market.
The decline in Canaan's stock price was directly linked to the drop in Bitcoin's value, which fell to $95,000, registering a 24-hour decline of 1.8%. As a company heavily involved in the crypto mining industry, Canaan's fortunes are closely tied to the performance of major cryptocurrencies like Bitcoin.
The cryptocurrency market as a whole experienced a selloff on Wednesday, with other crypto-related stocks such as Riot Platforms, Iris Energy, MARA Holdings, MicroStrategy, and Coinbase also witnessing significant declines in their share prices.
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