Canaan Inc., a leading provider of high-performance computing solutions for the crypto mining industry, witnessed a remarkable 10.23% surge in its stock price during the pre-market trading session on Tuesday. This rally was fueled by a broader recovery in cryptocurrency-related stocks, driven by a rebound in Bitcoin prices following reports that the incoming Trump administration plans to sign pro-crypto executive orders on its first day in office.
Bitcoin, the world's largest digital currency, had initially plunged below $90,000 earlier in the day, marking its lowest level in nearly two months. However, the cryptocurrency regained momentum and climbed back above $94,000, boosting sentiment in the crypto market and driving up shares of companies like Canaan Inc.
The resurgence in Bitcoin and other digital assets was fueled by reports that the Trump administration plans to overturn restrictive regulations like the SEC's controversial SAB 121 guidance, which has hampered crypto adoption by banks and financial institutions. These pro-crypto executive orders are expected to address major challenges faced by the crypto industry, such as banking restrictions and the SAB 121 policy, which requires companies holding cryptocurrencies for clients to record those assets as liabilities on their balance sheets.
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