Canaan Inc., a leading provider of high-performance computing solutions, experienced a 5.11% surge in its stock price during the after-hours trading session on Monday. The rally was fueled by a broader recovery in cryptocurrency-related stocks, driven by a rebound in Bitcoin prices following a sell-off earlier in the day.
Bitcoin, the world's largest digital currency, had initially slumped to an almost two-month low, dipping below $90,000, as investors dumped riskier assets in reaction to a sharp rise in bond yields. However, as the trading session progressed, Bitcoin regained some ground, and crypto stocks followed suit.
Canaan, known for its Bitcoin mining hardware, benefited from this sentiment shift. Investors appeared optimistic about the company's prospects, given the potential for increased demand for its products as Bitcoin mining activity picks up amid the cryptocurrency's price recovery.
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