Canaan Inc. (CAN), a leading cryptocurrency mining hardware manufacturer, witnessed a steep plummet of 11.24% in its stock price during the pre-market trading session on Monday.

This decline was part of a broader selloff in cryptocurrency-related stocks, as traders opted to book profits following President Donald Trump's long-awaited executive order on digital assets over the weekend.

While Trump's executive order aimed to foster innovation in the cryptocurrency industry and establish a regulatory framework for digital assets in the US, it fell short of confirming the establishment of a Bitcoin reserve, a move the President had previously promised on the campaign trail.