Canaan Inc. (CAN), a leading cryptocurrency mining company, saw its stock plummet by a staggering 10.31% in the pre-market session on Monday, as the broader crypto market and related stocks faced selling pressure amid fears of continued interest rate hikes by the Federal Reserve.
The selloff in crypto mining stocks like Canaan was triggered by a stronger-than-expected US jobs report released on Friday, which fueled expectations that the Fed may maintain its hawkish stance for most of 2025 to combat persistent inflation. As a result, riskier assets like cryptocurrencies and crypto-related stocks bore the brunt of the market's reaction.
Bitcoin, the world's largest digital currency, slumped to an almost two-month low, dropping below $92,000 as investors dumped riskier assets following the sharp rise in bond yields. The crypto market's struggles, in turn, weighed heavily on Canaan and other crypto mining companies, whose fortunes are closely tied to the performance of major cryptocurrencies.
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