Canaan Inc. (CAN) stock plummeted 8.76% on Tuesday, amid a broader sell-off in cryptocurrency-related stocks. This decline was likely driven by a 3.6% drop in the price of Bitcoin, which fell below the $99,000 mark during Tuesday's trading session.
According to news reports, Bitcoin's price slid to $98,511, its lowest level in 24 hours. As a leading manufacturer of Bitcoin mining hardware, Canaan's stock price is closely tied to the performance of the cryptocurrency market. The recent pullback in Bitcoin's value appears to have weighed heavily on Canaan's shares.
Other crypto-related stocks also experienced significant declines on Tuesday, with MicroStrategy falling 7%, Marathon Digital Holdings and Coinbase Global both dropping 5%, and Riot Platforms down 4%. The broader sell-off in the sector suggests that investors are growing increasingly concerned about the near-term outlook for digital currencies.
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