Shares of Canaan Inc. (CAN), a major cryptocurrency mining equipment manufacturer, plunged 10.63% in pre-market trading on Monday, caught up in a broader sell-off in the cryptocurrency market and crypto-related stocks.
The crypto market downturn was fueled by investor concerns over a potential global trade war erupting after the U.S. imposed steep tariffs on imports from major trading partners like Mexico, Canada, and China over the weekend.
As risk appetite dwindled, investors fled from riskier assets like cryptocurrencies and crypto stocks. Bitcoin, the world's largest cryptocurrency by market cap, fell to a three-week low around $91,441, while other major crypto companies like Hut 8, Marathon Digital Holdings, Riot Platforms, and Coinbase all saw their stocks decline sharply in early trading.
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