Canaan Inc. (CAN), a leading cryptocurrency mining company, saw its stock surge 5.33% during intraday trading on Thursday, following Bitcoin's rally that briefly pushed the world's largest cryptocurrency above $99,000 overnight.
The price of Bitcoin reached a peak of $99,900 before pulling back, but remained above the psychologically important $98,000 level during the session. As the crypto market gained traction, crypto-related stocks like Canaan Inc. benefited from the positive sentiment.
Canaan's stock movement mirrored the gains seen in other crypto mining and blockchain technology companies, such as Bakkt Holdings (BKKT) and Bitfarms (BITF), which also reported gains of up to 5% in overnight trading. The surge in crypto stocks underscores the close correlation between their performance and the broader cryptocurrency market trends.
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