Canaan Inc. (CAN), a leading cryptocurrency mining equipment manufacturer, witnessed a 5.15% plummet in its stock price on Thursday morning's trading session. This decline comes amidst expectations of regulatory changes and potential market-boosting initiatives in the cryptocurrency industry.
One factor contributing to the stock's downward movement is the anticipation of regulatory overhaul in the United States. The incoming administration led by President-elect Donald Trump is expected to review and potentially ease some of the stringent regulations imposed on the crypto sector by the previous administration. This includes clarifying the classification of cryptocurrencies as securities and reviewing pending enforcement cases.
Additionally, the state of Texas has introduced a bill to establish a Strategic Bitcoin Reserve, positioning itself as a frontrunner in the digital economy. This move, along with potential actions addressing the de-banking issue faced by crypto businesses, has stirred market sentiment and volatility.
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