Canaan Inc., a leading cryptocurrency mining hardware manufacturer, saw its stock price soar by 5.18% during Friday's trading session, as traders returned from the New Year's break with bullish optimism about the incoming Trump administration's potential positive impact on cryptocurrencies.
The surge in Canaan Inc.'s stock price was fueled by expectations that the new Trump administration will usher in a "golden era" for cryptocurrencies. Traders believe that the administration's crypto-friendly stance and the appointment of crypto supporters to key positions will create a more favorable regulatory environment for the industry.
Additionally, the rise in Bitcoin and other leading cryptocurrencies like Ethereum, coupled with increased interest in altcoins and diversification among investors, contributed to the positive sentiment surrounding crypto-related stocks like Canaan Inc.
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